March Sees Okratech Price Skyrocket by 231%, Heightening Concerns of Potential Correction

Okratech Faces Potential Price Correction Amidst Bull Run
NOIDA (CoinChapter.com)—Okratech (ORT), a decentralized finance (DeFi) platform, has been experiencing a surge in its price throughout March, following the overall trend in the cryptocurrency market. The rally has propelled ORT’s price to its highest level in nearly a year. However, the recent price spike has raised concerns about a potential correction of more than 16%.
Okratech is a DeFi platform that offers a Web3 platform specifically designed for the freelancing sector.
To further analyze the situation, it is important to note that the ORT price rally has resulted in the formation of 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 price of the Okratech token surged by over 34%, reaching a daily high of around $0.023, before retracing its gains. This indicates that there is resistance near the upper trendline of the channel. If the ORT price starts to decline, it may test the support trendline of the channel, which is around $0.017, resulting in a decrease of over 19% from its current levels.


ORTUSDT daily price chart with RSI. Source:
Tradingview.com
On the other hand, breaking out of the pattern would put ORT bulls in a position to challenge the 0.618 Fibonacci resistance at around $0.024. If they manage to surpass this immediate resistance, it could potentially lead to the token targeting the resistance near $0.03, before any corrections are made.
Conversely, breaching the support trendline of the channel might force the ORT price to test the support of the 20-day EMA (red wave), which is around $0.012.
Another factor that poses a 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 the price movements of an asset and identify overbought or oversold conditions.
When the RSI reaches overbought levels and the average trendlines are moving upwards, it suggests a strong presence of bulls in the market. However, an overbought RSI level is often considered a bearish signal by traders, as it usually precedes a correction or consolidation phase for the underlying token.
In addition to these factors, the Okratech team has been dropping hints about a potential listing of the project’s token on another exchange in March. However, the details surrounding this listing are still unclear, as the team has not disclosed which exchange they are targeting.
The ORT shilling campaign primarily consists of random cryptocurrency users speculating that the token’s price is on the verge of “going to the moon,” a slang term in the crypto community that implies significant gains for an asset.
Nevertheless, the lack of any concrete bullish signals suggests that the recent price hike of ORT is largely driven by hype and carries the risk of a correction in the near future.
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