Home CryptoCurrency News Ocean Protocol (OCEAN) Breaks Out With Bullish Bias, Will $0.25 Play Out?
CryptoCurrency News - October 29, 2022

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 rally more as the price creates more bullish bias breaking out of its descending triangle with good volume as the price could rally to $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) has had a tough time this year as the price has maintained a downtrend, but the price of OCEAN could be set for a change as Ocean Protocol breaks out of its daily descending triangle with good volume. The past few days have seen the crypto market has looked more decent, with the likes of Bitcoin (BTC) and Ethereum (ETH) showing some great price movement in recent times. 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.

In recent times, Ocean Protocol (OCEAN) has struggled to regain its bullish momentum as the price has had a more quiet time ranging in a weekly low of $0.15; despite the uncertainty that has befallen the crypto space, the price of OCEAN held its ground as price defended its key support area of $0.15. 

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.

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After trading in a range for weeks as the price continued to look difficult to trade due to little to no volume to push the price higher as the price continued to look stagnated, the price of OCEAN finally showed some movement, with the crypto market looking more encouraging in recent times.

Weekly resistance for the price of OCEAN – $0.25.

Weekly support for the price of OCEAN – $0.15.

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

Daily OCEAN Price Chart | Source: OCEANUSDT On Tradingview.com

In the daily timeframe, the price of OCEAN continues to show a more bullish scenario as the price rallied to a high of $0.185 after breaking out its descending triangle with good volume. However, the price of OCEAN could face resistance to the trend to a region of $0.3. 

The price of OCEAN needs to break and hold above $0.185 for the price to trend higher to a region of $0.25, which is a key supply zone for most traders. 

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. The price of $0.184 corresponds to the Fib value of 38.2%. If the price of OCEAN closes above this level, we could see a rally to $0.25.

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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