OCEAN Coin Price Surged 151%, Analysts Expecting Another Rally

• OCEAN coin price has been in a strong bullish rally for four consecutive weeks.
• Ocean volume has increased by 57.78% in the last 24 hours.
• The summary of technical indicators suggested a positive signal in the current trading phase.

Ocean (OCEAN) protocol builds technology for a data economy at the intersection of blockchain. The protocols facilitate secure and privacy-preserving data sharing by combining blockchain technology, decentralized networks, and cryptographic techniques. Ocean aims to build the tools and services to promote a new data economy. It wants to give data owners control while preserving privacy and commercialization of data, including data marketplaces.

OCEAN Coin Price Witnessed Tremendous Amount of Bullish Strength Since October 2023

On October 25, 2023, the OCEAN coin price gave a breakout from a long-lasting downtrend. Investors started buying the OCEAN, resulting in an upsurge to the $0.6077 resistance.

The OCEAN coin price grew over 88% by forming higher highs during the rally. Subsequently, it made a bullish correction on the $0.3876 decisional point of interest (POI), which served as a trampoline for the OCEAN coin price.

As a result, the price hiked 116% from the decisional (POI) and gave a breakout from the $0.6077 resistance level. The price made a minor pullback on the $0.7135 level, which can serve as a bullish point of interest for the current OCEAN price.

Ocean Protocol’s total market capitalization has increased by 6.42%, ranked 129th out of all the 8890 active cryptocurrencies registered on CoinMarketCap. OCEAN coin’s all-time high price stands at $1.94, and the current price is performing 46.2% below.

Technical Analysis of the OCEAN Coin

The current OCEAN coin price is moving far above the 50 and the 200-Day EMAs, reflecting a strong bullish trend. Both the EMAs are serving as minor and major supports for the OCEAN coin price.

OCEAN coin price has given a breakout at $0.4357 from a trendline forming below. The price increased by over 160% while creating a decisional point of interest (POI) at the $0.7643 level. The buyers are waiting for their shot on this level.

At press time, the price is facing resistance from the $1.1538 level. The price may take a bullish correction on the $0.7643 demand level and can break above the $1.1538 resistance. Or it can reach the $1.4871 resistance by directly giving a breakout from the $1.1538 resistance.

The relative strength index (RSI) slope is moving in the overbought region above the 70-mark upper band. At present, RSI is indicating neutrality over the current session. The RSI is moving at 81.68 above the signal line.

Summary

Lastly, the OCEAN coin price has been moving in a strong bullish trend since February 2024. The price has given a breakout from the trendline, forming below the current price in the chart. Several market observers expect another bullish rally if the price breaks above the $1.1538 resistance level or touches the $0.7643 level.

Technical Levels

• Resistance Levels: $1.1538 and $1.4871
• Support Levels: $0.7135 and $0.5696

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading stocks and crypto comes with a risk of financial loss.