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OKB strived 38%and bounced the recent $ 88 soil to a highlight of $ 131 before he somewhat returned to $ 127. The demand for futures rose to a highlight of 10 months, but profit -person threatened the upward trend.
UN [OKB] Rally 38%, bounced the recent low point of $ 88 and broke out to a local highlight of $ 131.5 before he recovered from the $ 127 press.
During this period, the volume of Altcoin rose by 284% to $ 523 million, while market capitalization bounced back and recovered to $ 2.7 billion on the $ 2 billion press.
Such a peak in volume and market capitalization reflects a steady capital inflow and growing activity on chains. But what drives this increase?
Ask for Futures Skyrockets
When investigating the derivatives market, it seems that most recently deployed capital has flowed to futures.
According to Coinglass, OKB’s open interest rose by 120.7% to a highlight of $ 4.79 million.
At the same time, the derivatives volume rose by 318% to $ 27 million, which was a representation of more participation and capital inflow in futures.
Source: Coinglass
In the meantime, the long/short ratio jumped from the Altcoin to 1,075, which reflects the increased demand for long positions. This often indicates that most participants entered the market to bet About rising prices.
OKB: Profit person can spoil the party
In particular, while the prices recovered from the recent correction, jumpers and investors on the market and made up.
Source: Coinglass
According to Coinglass, the Spot Netflow of the Altcoin jumped into the positive zone. At the moment the Netflow was $ 13.47 million, a small increase of $ 8.1 million the previous day.
This usually suggests when Netflow -Spikes, exchanges register higher inflow compared to outskirts.
As a result, the supply of OKB outside the stock markets fell considerably and reached a lowest point in 3 months of 245 million. Such a decline means that it is actively confronted with a strong sales pressure, often a prelude to lower prices.
Source: Santiment
Momentum -indicators are still bullish
According to Ambcrypto, OKB has gathered in the past day, especially for futures positions.
For that reason, the relative power index rose from the Altcoin to 86 and reached the Overboughtzone.
At the same time, the positive index rose from Directional Movement Index (DMI) to 69, which reflects a strong upward momentum.
Source: TradingView
When these indicators are in such a way, it often indicates a strong upward boost that is largely driven by buyers, but warns of volatility.
Therefore, if the momentum of the buyers applies, the upward trend of OKB will continue, so that $ 148 resistance is recovered and focuses on a new high.
Conversely, if profiters overpower the market, another correction with a dip of up to $ 92.7 will follow.
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