OKB Surges 10% to $53.04 as OKX Expands in Europe

$OKB, the native token of the OKX exchange, has surged by 10%, reaching a price of over $52. This rally has positioned $OKB as a strong contender among crypto exchange tokens, with a market capitalization of $3.16 billion, placing it behind only Binance Coin ($BNB) and Bitget’s $BGB.

Exchange tokens, issued by centralized cryptocurrency trading platforms, offer various incentives such as discounted trading fees, staking rewards, and enhanced user benefits. OKX, currently the fifth-largest global exchange, attracts an average of 5.3 million weekly users, significantly more than Bitget. Despite this, some analysts believe $OKB is still undervalued compared to $BGB, which saw a parabolic move in Q4 2024, soaring over 200% within just one month. $OKB appears to be following a similar trajectory, with a trader on X noting that it is one of the few altcoins keeping pace with Bitcoin’s 90-day performance and still has room to rally, potentially targeting the $60 zone.

OKX has recently expanded its fully licensed operations into Germany and Poland, which could further support $OKB’s push toward retesting its December 2024 highs. The technical analysis of the $OKB/$USDT daily chart shows a bullish picture, with the token rebounding sharply from key support at $46.58, climbing over 10% to trade around $53.04. This move brings it close to the immediate resistance at $56.16, a historically strong ceiling. Buying pressure is building, as reflected by the strong green candle on elevated volume. The MACD remains below the zero line but is showing convergence between the MACD and signal lines, indicating a potential bullish crossover. Should $OKB clear the $56.16 resistance, the next target is $60.64, representing a 12.8% upside from current levels. However, failure to break above $46.58 may lead to another pullback toward that support, with further downside risk to $42.86. That said, current momentum favors the bulls, and a confirmed breakout above $56.16 would strengthen the case for further gains.