OKT token rose by double digits last week
The cryptocurrency has been boosted by new partnerships
OKT is correcting but remains on an uptrend
OKT, the cryptocurrency native to the OKX Chain, made headlines last week. The cryptocurrency rose by double digits to end the week at $27 after trading at just $17 seven days earlier. OKT has since cooled and traded at $22 as of press time. A spot technical check shows that the token has been on an uptrend for more than a month. What has been boosting the price?
OKX is a Cosmos IBC-linked blockchain. It is EVM-compatible and focuses on true interoperability for high performance. The blockchain dubs itself the next-gen platform for decentralised applications. OKX Chain’s Web3 wallet allows users to manage their portfolio of NFTs and tokens.
OKT’s gains come on the back of positive cryptocurrency news of the OKX Chain. The blockchain announced partnerships with social gaming platform Candy Club, DEX network Lovely Swap, and meme asset Chihuahua Chain. The other firm in the latest wave of collaborations was market analytics firm Nansen. The collaborations increase the utility of OKT since the cryptocurrency will be employed in a number of related use cases. Investors have been taking note and buying the little-known token.
OKT corrects after meeting resistance at $27
OKT/USDT Chart by TradingView
A technical outlook shows OKT on a clear uptrend but currently correcting. The moving averages are bullish for the cryptocurrency and provide support. The RSI hit the overbought levels but shows a correction underway. The reading is still above the midpoint.
Will OKT continue rising?
The future price action for OKT will depend on how the key collaborations will continue to drive it. It should be remembered that the broader market sentiment is bearish. So, OKT should be looked at with the bearish sentiment in mind.
For investors looking to buy OKT, the level around $19 should be watched. The formation of bullish signals at the level could attract buyers and push the price higher again.