Ocean Protocol Price Prediction: Bullish momentum resumes for OCEAN with a 15% ascent underway
|- Ocean Protocol price has resumed its bullish momentum after falling almost 8% from the March 15 high of $0.4489.
- OCEAN could rise 15% to the $0.4618 level if bulls solidify their presence in the market.
- The bullish thesis will be invalidated if the altcoin attains a daily candlestick close below the 50-day EMA at $0.3781.
Ocean Protocol price (OCEAN) broke out on March 10, soaring to recover most of the ground lost since February. However, the bullish momentum was depleted, halting the uptrend as concerns over European bank Credit Suisse continued mounting. This, among other banking crises and the recent USDC debacle took a toll on the market, affecting even the leading cryptos. Nevertheless, while investors remain worried that the situation could escalate into another fiasco, the altcoin seems to have regained its bullish momentum, and now all signs point to an ascent.
Ocean Protocol price on course to tag $0.4618
Ocean Protocol price has resumed its uptrend, with bulls still at the forefront. The rally had been interrupted with a bearish takeover on March 15, sending the token down almost 9% to $0.3880. After successfully defending above the 50-day Exponential Moving Average (EMA) support level at $0.3781, the bulls have finally managed a comeback.
Accordingly, Ocean Protocol price is now figuring an uptrend that could see OCEAN reclaim the $0.4618 market value last tested in February. An increase in buyer momentum from current levels could set the tone for such a climb.
In this regard, Ocean Protocol price would have to flip the immediate resistance level at $0.4211 into support and use it to target the next obstacle at $0.4618. Hitting this target would constitute a 15.48% increase from current levels.
Ocean Protocol price could breach this target in highly ambitious cases and tag the next roadblock at $0.5224. Such a move would denote a 29.07% increase from current levels.
The Relative Strength Index (RSI) was also moving upwards, signifying more buyers rushing to the scene and that the path with the least resistance was north. Its price strength at 52 was also promising, indicating more room for the upside. This adds credence to the bullish narrative.
OCEAN/USDT 1-day chart
Conversely, if the buyer momentum subsides, Ocean Protocol price could drop below the support level presented by the 50-day EMA at $0.3783, exposing the token to shed more value. A daily candlestick close below this base would invalidate the bullish thesis.
If such an outcome prevails, Ocean Protocol price could drop to tag the 100-day EMA at $0.3319 or revisit the March 9 low at the $0.3097 support level.
In extreme cases of a sell-off, Ocean Protocol price could descend to tag the 200-day EMA at $0.2942 or lower to $0.2461. A descent of this magnitude would denote a 38.96% decline from current levels.
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