Ocean Protocol (OCEAN) Breaks Out With Bullish Bias, Will $0.25 Play Out?
29 Oktober 2022 - 01:30AM
NEWSBTC
OCEAN’s price shows strength as it bounces from a downtrend range
price rallied to a high of $0.18 with eyes set on $0.25.
OCEAN could rally more as the price creates more bullish bias
breaking out of its descending triangle with good volume as the
price could rally to $0.25. OCEAN’s price remains strong on
the daily timeframe above the 50 Exponential Moving Average (EMA)
as the price aims for more rallies. Ocean Protocol (OCEAN) has had
a tough time this year as the price has maintained a downtrend, but
the price of OCEAN could be set for a change as Ocean Protocol
breaks out of its daily descending triangle with good volume. The
past few days have seen the crypto market has looked more decent,
with the likes of Bitcoin (BTC) and Ethereum (ETH) showing some
great price movement in recent times. OCEAN’s price rallied from
$0.15 to a region of $0.184 as the price aims to take the market by
its horn. (Data from Binance) Related Reading: Aptos (APT)
Continues To Shine With Over 18% Gains In Last Week Ocean Protocol
(OCEAN) Price Analysis On The Weekly Chart. In recent times, Ocean
Protocol (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; despite the uncertainty that has befallen the crypto space,
the price of OCEAN held its ground as price defended its key
support area of $0.15. OCEAN’s price had yet to replicate its
rally that took the price of OCEAN to an all-time high of $2 before
it faced rejection to trend higher. 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, the price of OCEAN finally showed some movement,
with the crypto market looking more encouraging in recent times.
Weekly resistance for the price of OCEAN – $0.25. Weekly support
for the price of OCEAN – $0.15. Price Analysis Of OCEAN On The
Daily (1D) Chart In the daily timeframe, the price of OCEAN
continues to show a more bullish scenario as the price rallied to a
high of $0.185 after breaking out its descending triangle with good
volume. However, the price of OCEAN could face resistance to the
trend to a region of $0.3. The price of OCEAN needs to break
and hold above $0.185 for the price to trend higher to a region of
$0.25, which is a key supply zone for most traders. The
Fibonacci retracement (Fib) value of 38.2% indicates OCEAN’s price
faced a rejection to trend higher as the price tried to break above
this key value. The price of $0.184 corresponds to the Fib value of
38.2%. If the price of OCEAN closes above this level, we could see
a rally to $0.25. Daily resistance for the OCEAN price – $0.25.
Daily support for the OCEAN price – $0.16 Related Reading: Ethereum
Price Corrects But This Level Could Trigger Fresh Increase Featured
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