streamoors
IGNITION
Injective
Quantus
NEAR Protocol
Pearl
LayerZero
- Ocean Protocol price has lost around 23% in the past 2 days.
- The trading volume has surged by 100% in the last 24 hours.
- The OCEAN price has slipped below last month’s low.
In a wider time frame, the Ocean price has risen by taking pullbacks and reached a 52-week high in the last week of March. After reaching a high, the investors looked for a profit booking, and the price has melted by 50% till now.
From mid-April, the Ocean price behavior was bullish and rose by taking support on a trendline. At the beginning of June, the price failed to defend the trendline and engulfed the previous 3 green candlesticks.
After the breakdown from the trendline, the Ocean Protocol price dropped by 18% in an intraday session. During this bearish momentum, the Ocean crypto price slipped below the 200-day EMA and reached the support level of $0.700.
Turning to the technical indicators, the Ocean Protocol price has dropped below the key moving averages, which demonstrates the bearish sentiment. MACD has developed red histograms and generated a death crossover with the Signal line.
OCEAN Price Could Gain 15% Soon?
A source on X claims that the Ocean Protocol crypto price may soon bounce back by 15%. As of the chart, the $0.700 hurdle has been working as a demand zone since March.
15% bounce $OCEAN https://t.co/oFD7LtvQ0A pic.twitter.com/lZWMOlTS2g
— EliZ (@eliz883) June 7, 2024
Currently, the crypto price has touched the demand zone and reacted positively. Based on the historical chart, the Ocean price may bounce back from this level.
Ocean Price Technical Analysis Over Daily Timeframe
On a daily time frame, the Ocean crypto price has been bearish for the past few months. However, the buyers have managed to defend the significant support level of $0.700.
As we can see, the Ocean price has declined below the key moving averages and is heading towards the major support level of $0.700. The price may take support on the $0.700 level as it is a significant support level.
If the OCEAN price bounces back and exceeds the 200-day EMA, the price may recover from the demand zone. The price over the key moving averages may attract investors, and further growth can be seen.
Instead, the digital asset price below the major support level of $0.700 might result in a panic selling. Due to the panic selling, the Ocean price may melt to the $0.0400 hurdle in the next few weeks.
At press time, the Ocean Protocol price traded at $0.777 with an intrada loss of 1.05%. The market capitalization is $442.84 Million, and the 24-hour trading volume is $51.46 Million.
Price vs. Social Media Engagement Analysis
According to the given data, social media interactions have increased slightly, but the Ocean price has remained bearish. The wild rise in social dominance may positively affect the OCEAN price.
Conclusion
Ocean price has witnessed selling pressure for the past few months and has slipped below the key moving averages. The price is expected to take support on the $0.700 level and bounce back by 15% further. The Ocean price over 200-day EMA may attract buyers.
Technical Levels
Based on the chart structure, the Ocean price is expected to face resistance from the $1.06 and $1.35 levels. The price may take support on the $0.700 and $0.400 levels.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
