OKB price was trading with a bullish bias on Sunday after the bulls took over control of the token over the weekend. The price has recorded several uptrends, each interrupted by consolidation as bears tried to regain control. Nevertheless, with that trajectory, OKB price has recorded new periodical all-time highs (ATH) since November 23.
At the time of writing, the native token of the OKX exchange, OKB, was trading at $39.6 after gaining 3% in the past 24 hours. The token had a 24-hour trading volume of $28.9 million and a live market cap of $2.37 billion, placing the asset at #29 on CoinMarketCap.
OKB Rallies On OKX Exchange’s Monthly Proof Of Reserves Audit
Following the collapse of crypto exchange FTX, the crypto community has been pressing for individual exchanges to provide proof of their holdings.
The OKX crypto trading platform prides itself in being a trusted, secure, and robust web3 apps network. The rally of the OKB token follows the recent release of the exchange’s monthly proof of reserves audit.
🚨 #AMA alert 🚨
Hang with OKX leadership & learn more about our monthly #ProofOfReserves audits:
— OKX (@okx) January 28, 2023
Based on the report, OKX holds a 1:1 reserve of all customer assets on the platform and gives users complete transparency of the exchange reserves and user funds. According to OKX, asset reserves pass the “clean” criteria upon a determination by a third-party analysis that the reserves do not include the native token of the exchange and that the reserves are composed exclusively of high-market cap “traditional” cryptos like BTC, ETH, and USDT.
Accordingly, the platform published its third monthly proof-of-reserves (PoR) on January 19, showing that the exchange held $7.2 billion in Bitcoin (BTC), Ethereum (ETH), and USDT stablecoin. A detailed breakdown of the assets showed that OKX is overcollateralized with a reserve ratio of 105% for BTC, 105% for ETH, and 101% for USDT.
According to data from CryptoQuant, a blockchain analytics company that monitors PoR across the entire crypto industry, OKX attested that it had the “largest clean asset reserves among major exchanges.”
— OKX (@okx) January 19, 2023
Based on CryptoQuant data, the only other exchange having 100% clean assets reserves is Deribit, although to a much lesser size of $1.4 billion. The report also reveals that Crypto.com is 95.51% clean, then ByBit and Binance have 91.2% and 876.6%, respectively. Notably, a percentage of reserves hosted by each of these exchanges is in their native tokens.
Will OKB Make The 14% Increase to $45?
OKB price was trading at $39.6 at the time of writing, with the price confronting immediate resistance offered by the 100% Fibonacci retracement at $40.6, which is also today’s intraday high. An increase in buying from the current levels close to the $45 psychological level.
A move higher would see the exchange token rise toward the 150% extension level at $48.95, recording new ATHs. Such a move would represent a 23% uptick from the current price.
The price had strong support downward, with numerous support levels serving as possible breathing zones in case bulls needed a landing ground to organize another uptrend. In this case, if bulls wore themselves out and wanted a pause, the ideal positions would be $37, $32, $39, and $27 levels, which corresponded to the 78.6%, 50%, 38.2%, and 23.9% Fibonacci retracement levels respectively.
OKB/USD Daily Chart
The positive outlook of the various indicators also supported the positive outlook, starting with the moving average convergence divergence (MACD) indicator, which was moving upward in the positive region above the zero line, a sign that buyers were leading the market.
Conversely, the relative strength index at 77 showed that OKB was overbought. It is possible that buyers could soon run out of momentum, giving room for sellers to flock to the OKB market. Such an outcome could send OKB price down to lose all support levels and, in extreme cases, tag the $23.9 support floor.
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