Ocean Protocol Price Prediction: Bullish signals resurface
|- Ocean Protocol price witnesses a 9% increase in the last 24 hours.
- OCEAN could attempt a 28% upswing toward a recently established year-to-date high at $0.583.
- Invalidation of the bullish thesis could occur if the swing low at $0.439 is breached.
Ocean Protocol price has displayed strong bullish technicals going into the third trading weekend of February. Traders should keep an eye on the blockchain token as the uptick in volatility shows promise for profitable setups.
Ocean Protocol price points north
Ocean Protocol price has experienced a recent surge in price, with a 9% increase in the last 24 hours. When observing the technicals, it appears that the new upswing could be a part of a much larger move.
Ocean Protocol price is currently auctioning at $0.472, as the bulls are maintaining support above both the 8-day exponential moving average and the 21-day simple moving average. The indicators suggest that e 2x rally that started on January 1 is still intact.
The Relative Strength Index (RSI) compounds the optimistic sentiment as it shows a bullish divergence between the recent swing lows at $0.40 that occurred on February 13 and February 17's low at $0.439. The bullish divergence suggests that there may be further upside potential for Ocean Protocol's price in the short term
Considering these factors, a move to the upside stands a fair chance of occurring. A conservative target bullish would be the recently established year-to-date high at $0.583. Such a move would result in a 20% increase from OCEAN's current market value.
OCEAN/USDT 1-Day Chart
Invalidation of the bullish thesis could occur if the bears tag the current swing low at $0.439. In Doing so, the ocean price could decline toward the $0.40 cents barrier, which could result in a potential 16% decrease from OCEAN's price today
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.