Key Takeaways:
• The price of OCEAN exhibits strength as it recovers from a downtrend range and surges to a high of $0.18 with targets of $0.25.
• As the price develops a stronger bullish bias and breaks out of its descending triangle with solid volume, OCEAN may rally further and reach $0.25.
• As it prepares for more rallies, the price of OCEAN is still firm above the 50 Exponential Moving Average (EMA) on a daily basis.
Price Analysis of OCEAN on Weekly Chart
Despite the uncertainty that has befallen the cryptocurrency space, the price of Ocean Protocol (OCEAN) held its ground as price defended its crucial support area of $0.15. Recently, the price of OCEAN has struggled to regain its bullish momentum as the price has had a more quiet time ranging in a weekly low of $0.15.
The price of OCEAN has failed to repeat the rise that had brought it to an all-time high of $2 before it ran into resistance to trend higher.
The price of OCEAN finally showed some movement after trading in a range for weeks as the price continued to look difficult to trade due to little to no volume to push the price higher as the price continued to look stagnated. This came as the cryptocurrency market has recently begun to look more encouraging.
The weekly resistance level for OCEAN's price is at $0.25 while its weekly support is at $0.15.
Price Analysis of OCEAN on 1D Chart
On a daily basis, the price of OCEAN has been more positive, rising to a high of $0.185 after successfully breaking out of its falling triangle on strong volume. However, there may be resistance to the trend in the region of $0.3 for the price of OCEAN.
For the price of OCEAN to rise to a region of $0.25, which is a crucial supply zone for most traders, the price needs to break and maintain above $0.185.
As OCEAN's price attempted to break above this crucial level, the Fibonacci retracement (Fib) level of 38.2% shows that the price encountered a refusal to advance higher. The Fib value of 38.2% is matched by the price of $0.184. A rise to $0.25 may occur if the price of OCEAN closes above this level.
The price of OCEAN faces daily resistance at $0.25 while daily support is at $0.16.
