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
Author
Tony M.
FXStreet Contributor
Tony Montpeirous began investing in cryptocurrencies in 2017. His trading style incorporates Elliot Wave, Auction Market Theory, Fibonacci and price action as the cornerstone of his technical analysis.
