|

Ocean Protocol Price Prediction: Stunning bullish signals going unnoticed

  • 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.

tm/ocean/2/6/22

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.

This video details how Bitcoin price moves could affect Ethereum Classic price


 

Author

Tony M.

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.

More from Tony M.
Share:

Editor's Picks

Ripple nears lifeline support as macro risks intensify

Ripple continues to face significant selling pressure, sliding below $1.10 at the time of writing on Wednesday. This decline mirrors the broader weakness in the crypto market, exacerbated by mounting macroeconomic headwinds and persistent geopolitical uncertainties.

Crypto Today: Bitcoin, Ethereum, XRP trade under pressure as September Fed rate-hike odds increase

Bitcoin is trading between $62,000 and $63,000 at the time of writing on Wednesday, weighed down by headwinds stemming from macroeconomic uncertainty and geopolitical tensions in the Middle East, especially as the US and Iran continue to offer conflicting accounts of the nuclear discussions.

Cardano vulnerable to deeper losses amid SecondFi exploit

Cardano price hovers below $0.1500 at press time on Wednesday, extending a refreshed bearish impulse move of over 20% in the last nine days. The exploitation of the Cardano ecosystem’s SecondFi wallet-generation software, resulting in a loss of about 16 million ADA, weighs on retail strength.

Bitcoin struggles as institutional demand remains weak

Bitcoin remains under pressure, trading around $62,700 on Wednesday after losing 2% the previous day. Persistent institutional selling, with spot Exchange Traded Funds (ETFs) recording outflows on Tuesday, continues to weigh on BTC.

Bitcoin: Recovery hopes fade after the Fed spoils the party
Bitcoin (BTC) is set to end the week in the red, trading near the 200-Week Simple Moving Average (SMA) at around $62,300 on Friday. Institutional selling persists, capping BTC’s recovery as spot Exchange Traded Funds (ETFs) point to a sixth consecutive week of outflows.