Okratech Faces Potential Price Correction as Risks Increase
NOIDA (CoinChapter.com)—The DeFi platform Okratech (ORT) has been experiencing a surge in its price throughout March, mirroring the overall crypto market. This rally has propelled ORT’s price to its highest level in almost a year. However, following this recent spike, there is a risk of a correction of over 16% in the token’s price.
Okratech is a DeFi platform that offers a Web3 platform for the freelancing sector.
Potential Correction for ORT Price If Resistance is Not Overcome
As a result of the ORT price rally, the token has formed a technical pattern known as the “Ascending Channel.” This pattern is characterized by an asset’s price forming higher highs and higher lows. Currently, the ORT price is testing the upper trendline resistance of this channel.
On March 12, the Okratech token price experienced a spike of over 34%, reaching a daily high near $0.023 before retracting. This surge highlights the presence of bears near the upper trendline of the channel. If the ORT price begins to decline, the token may test the support trendline of the channel, which is near $0.017. This would result in a drop of over 19% from its current levels.
ORTUSDT daily price chart with RSI. Source:
Tradingview.com
However, breaking out of this pattern would put ORT bulls up against the 0.618 Fibonacci resistance, which is near $0.024. If the immediate resistance is overcome, it could potentially push the Okratech token price towards the resistance near $0.03 before any corrections occur.
Conversely, if the support trendline of the channel is breached, the ORT price may test the 20-day EMA (red wave) support, which is near $0.012.
Another bearish risk for the ORT token is its relative strength index (RSI), which is currently overbought with a score of 91.47 on the daily charts. The RSI is a momentum indicator used to measure asset price movements and identify overbought or oversold conditions.
When RSI levels become overbought and there is an upward movement in average trendlines, it indicates a strong presence of bulls in the market. However, an overbought RSI level is often considered a bearish signal, as it usually precedes a correction or consolidation phase for the underlying token.
Okratech Hints at Potential Listing in March
The Okratech team has made several mysterious announcements suggesting that the project’s token may be listed on another exchange in March.
Okratech shared news of a potential listing in March.
However, details about the listing are scarce, as the project has not disclosed which exchange they are targeting.
The ORT shilling campaign primarily consists of random crypto users claiming that the token’s price is on the verge of “going to the moon,” a crypto slang term implying significant gains for an asset.
Yet, the absence of any concrete bullish indicators suggests that the ORT price surge is mostly based on hype and carries the risk of a correction in the near future.
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