- Ocean Protocol price rose by 180% since January 1.
- The bulls show potential for a 70% upswing targeting a $0.75 liquidity zone.
- The uptrend’s next move depends on the $0.35 thrust candle holding as support.
Ocean Protocol (OCEAN) price has outperformed nearly all of the cryptocurrencies in the space. The parabolic move shows no signs of slowing down yet little coverage has surfaced from crypto media outlets. This article analyzes OCEAN’s price action to gauge where it may find resistance ahead.
OCEAN price shows a stunning performance
Ocean Protocol price has seen jaw-dropping returns recently, with a 180% increase since January 1. Market conditions have been favorable for the crypto asset, evident from the 5% increase in price on the day.
OCEAN price currently trades at $0.45 and is hovering near the 80 level on the Relative Strength Index (RSI). The RSI has reached overbought conditions during the recent run-up to $0.40, with the market now considered more extremely overbought than in 2021, when OCEAN traded at $1.80. Traders should note that the trend and overbought conditions on the RSI have persisted for three weeks, so attempting to short the asset would be ill-advised.
Considering the extremely bullish technicals, OCEAN price could forge a challenge of the liquidity levels near $0.75. The liquidity zone has a confluence of support and resistance pivot points and untagged liquidity from the 85% liquidation that began during the last week of March 2022. A reacquaintance of this level could result in an additional 72% gain from the current market value.
OCEAN/USDT 3-day chart
Traders should exercise caution as the invalidation of the uptrend thesis depends on the 21-day simple moving average at $0.35 holding as support. If a barrier breach occurs, the bears could challenge resistance zones within OCEAN’s current uptrend as far as $0.17. The bearish scenario creates the potential for a 50% market decline.
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