July 24, 2024

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Ocean Protocol Could Be Up For A Mega Run; Here Is Why

2 min read
Ocean Protocol Could Be Up For A Mega Run; Here Is Why
  • OCEAN’s price shows the market a glimpse of bullish hope as price broke out of its long-range movement with strong volume.
  • OCEAN trades above key resistance as price breaks out of range holding above 8 and 20-day EMA.
  • The price of OCEAN eyes a rally to $0.1 as key resistance was flipped into support with more buy orders. 

The price of Ocean Protocol (OCEAN) has continued to show its strength as price trends with key breakouts from a downtrend range against tether (USDT). With the crypto market cap bouncing from its weekly low as the market continued to look promising, the price of Ocean Protocol (OCEAN) was not left out as the price broke out of its long daily range, with the price trending to a higher height. (Data from Binance)

Ocean Protocol (OCEAN) Price Analysis On The Weekly Chart

The crypto market received relief, as most crypto altcoins expected. However, despite the recent price surge in most crypto assets, some altcoins have remained range-bound.

As the price of OCEAN could not break out with real volume in previous months, it was stocked in a range-like box. OCEAN’s price continued to move between $0.16 and $0.15 before breaking out and trending higher.

After a long-term movement, and with the month looking good for most altcoins, as many refer to it as the month of Uptober, the price of OCEAN could be set for a break out as the price aims to rally to the $0.2 region.

OCEAN’s use case has attracted a lot of traders, investors, and huge organizations, which could also be a huge catalyst to influence the price of OCEAN shortly as many tips the price to rally to a high of $5. 

Weekly resistance for the price of OCEAN – $0.2.

Weekly support for the price of OCEAN – $0.15.

Price Analysis Of OCEAN On The Daily (1D) Chart

On the daily timeframe, the price of OCEAN continues to show strength as it pulls some gains despite the market appearing to have stalled in price movement; after hitting a daily low of $0.15, the price of OCEAN rallied to a high of $0.19 before being rejected into a descending triangle as it struggled to break out.

The price of OCEAN is attempting to break out of this descending triangle; if successful, OCEAN could rally aggressively as bulls would be ready to send the price to $0.2-0.3, gaining significant price control.

OCEAN trades at $0.16, with the price looking to break this range to the upside; a break out would bring more relief for OCEAN price as it has seen more downside than upside in the past few weeks.

The Relative Strength Index (RSI) for OCEAN shows increasing buy orders as the value is above the 50 mark area daily.

Daily resistance for the OCEAN price – $0.2-$0.3.

Daily support for the OCEAN price – $0.15.

Featured Image From Zipmex, Charts From Tradingview