The native token (OKB) used on the Maltese crypto exchange, OKEx has printed remarkable returns over the bear market. A 10x since the Bitcoin all time high in 2021.
A number of reasons now exist to suggest a change in direction:
1) Failed legacy support (yellow uptrend channel).
2) Failed support following breakout (1) with confirmed resistance on past support.
3) Regular bearish divergence. Lots of it. 9 oscillators as measured over a 4 month period now print negative divergence with price action.
4) Evidence of smart money exciting, notice the wick? If this candle closes red on the weekly, it's all over.
6) Don’t want to cause panic or alarm, but lets do it anyway. There was a remarkable similar pattern recently on an exchange token forewarning its collapse. That was the FTX token (FTT). Weekly chart below.
Is it possible price action continues onwards and upwards? Sure. Is it probable? No