Reported By: Bitcoinist.com
Cryptocurrencies are experiencing a bullish phase in a major way. Across the entire market, coins are setting new all-time highs with every new passing day. Bitcoin and Ethereum are in full price discovery mode, and profits from them have flooded into other value projects such as utility coins and other top altcoins.
As a result, OKEx’s utility token OKB has set a new all-time high. Here’s why (both fundamentally and technically) OKB’s uptrend is only just getting started.
OKB Sets New All-Time High Alongside Massive Crypto Capital Inflows
According to the Dow theory, efficient markets will price assets effectively by being a direct reflection of all available information currently. And right now, all the information (public and private) is pointing towards going all-in on value projects in the crypto industry.
Investing in Bitcoin early has paid off handsomely, and other cryptocurrencies are following suit. The potential is there, but only for projects with lasting power that have both fundamental strength and technicals to back up their price momentum.
The overall crypto trend has caused coins everywhere to perform well, but certain categories have benefited more so than others, including DeFi tokens, and exchange utility coins like OKB.
OKEx’s native utility token recently rose along with the greater crypto price trend, reaching a new all-time high of over $23 per coin. The number is a 4,000% increase from the bear market bottom, and a nearly 400% increase in 2021 alone, making it one of the most successful coins in the space.
But investors are becoming aware of the value of utility tokens only now. OKB is only beginning its uptrend, according to technicals, and has the fundamentals to back it up.
Technical And Fundamental Factors Driving The OKEx Utility Coin Bull Run
The Average Directional Index is a trend strength measuring tool that can provide clues to where an asset is in its current trend. On higher time frames, the bullish trend is the strongest it has ever been historically for OKB and has only just started to blossom.
OKB in 2020 broke through its bear market resistance and confirmed it as support. After the critical bullish retest took place, it was clear skies ahead for OKB. With resistance flipped as support, and strong fundamentals to support longevity, OKB has only just begun to soar.
OKB allows OKEx customers to enjoy a discount on trading fees, access token sales, and much more. The token is also central to the OKExChain ecosystem and can be used or spent in a number of ways and applications already. Few cryptocurrencies can claim such utility and prices will appreciate accordingly and have already been doing so for some time.
OKEx trading volumes are also soaring as the greater crypto market trend stays magma hot. With token turns keeping the already limited supply shrinking, the asset’s value is designed to stay high and increase steadily over time, with less volatility than assets like Bitcoin and others.