Ocean Protocol (OCEAN) Breaks Out With Bullish Bias, Will $0.25 Play Out?

  • OCEAN’s price shows strength as it bounces from a downtrend range price rallied to a high of $0.18 with eyes set on $0.25. 
  • OCEAN could surge more if the price has a more bullish bias and breaks out of the descending triangle. With good volume, the price may rise as high as $0.25 
  • OCEAN’s price remains strong on the daily timeframe above the 50 Exponential Moving Average (EMA) as the price aims for more rallies.

Ocean Protocol (OCEAN), which has been having a difficult year, has seen its price maintain a downward trend. However, Ocean Protocol could see a significant change in the future as it breaks through the daily descending triangle that has plagued the market with high volume. Over the past few days the crypto market looks more normal, with Ethereum (ETH) and Bitcoin (BTC), showing impressive price movements. OCEAN’s price rallied from $0.15 to a region of $0.184 as the price aims to take the market by its horn. Data from Binance

Ocean Protocol (OCEAN), Price Analysis on The Weekly Chart.

Ocean Protocol (OCEAN), a crypto-currency, has not been able to regain its bullish momentum in recent weeks. The price fell as low as $0.15 per week. Despite all the chaos that is plaguing the space, OCEAN’s price held firm as $0.15 was its main support. 

OCEAN’s price had yet to replicate its rally that took the price of OCEAN to an all-time high of $2 before it faced rejection to trend higher.

After trading for several weeks, when the price looked difficult to trade, owing to low volume and a price that was stagnant, the price at OCEAN started to move, with recent crypto market developments looking encouraging.

Weekly resistance for the price of OCEAN – $0.25.

Weekly support for the price of OCEAN – $0.15.

Price Analysis of OCEAN on the Daily (1D), Chart

Daily OCEAN price chart | Source: OCEANUSDT On Tradingview.com

The price of OCEAN continued to be bullish in the daily timeframe. It rose to $0.185, after breaking through its descending triangle on good volume. The price of OCEAN may face resistance as it moves towards $0.3. 

For the price to rise to $0.25 or more, the price must break above $0.185. 

The Fibonacci retracement (Fib) value of 38.2% indicates OCEAN’s price faced a rejection to trend higher as the price tried to break above this key value. This corresponds to the 38.2% Fib value. The $0.184 price is therefore more than 0.25. A rally of $0.25 could be possible if OCEAN’s price closes at or above these levels.

Daily resistance for the OCEAN price – $0.25.

Daily support for the OCEAN price – $0.16

Featured image from zipmex. Charts from Tradingview

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