- 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 over key resistance, as the price breaks out from range holdings exceeding 8 or 20-day EMA.
- The price for OCEAN looks set to rise to $0.1 after key resistance was overcome by support from more buy orders.
Ocean Protocol (OCEAN), which is a cryptocurrency, has been showing its strength. Key breakouts have taken place from a downtrend area against tether USDT. The crypto market cap rebounded from its weekly low, as market prospects continued to be promising. However, Ocean Protocol’s (OCEAN), price did not disappoint as it broke out its daily long range with the trending price rising to a higher level. Data from Binance
Ocean Protocol (OCEAN), Price Analysis on The Weekly Chart
As most altcoin owners expected, the crypto market saw some relief. Some altcoins, however, have not seen a significant price increase in crypto assets.
OCEAN’s price could not rise with the volume of previous months so it was kept in a box that looked like a range. OCEAN’s price continued to move between $0.16 and $0.15 before breaking out and trending higher.
After a sustained movement and the month being good for altcoins (many refer to it by the month of Uptober), the price of OCEAN may be poised for a breakout as it aims to rise to $0.2 or higher.
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
The daily price of OCEAN is showing strength, with some gains despite an apparent slowdown in market price movements. It had fallen to $0.15 per day, but then rallied to $0.19 and was rejected by the market into a descending triangular as it failed to breakout.
The price of OCEAN has been trying to get out of the descending triangle. If successful, OCEAN will rally vigorously and bulls could send it to $0.2-0.3, gaining substantial price control.
OCEAN is trading at $0.16. The price looks to break the range to the upside. A breakout would provide more relief as OCEAN has experienced more upside than downside in recent weeks.
Relative Strength Index for OCEAN (RSI), shows an increase in buy orders when the daily value exceeds 50.
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