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- Ocean Protocol faced a significant uptrend of 8.48% during the current market session
- The price levels were testing a critical resistance area of around $0.60
- The OCEAN/ETH pair also turned positive with a gain of 8.50% bringing the current level to 0.00001702 BTC
The price action journey of Ocean Protocol has been a volatile one consisting of both positive and negative dips at regular intervals. From the past couple of days, the price levels have formed a bullish curve suggesting a potential uptrend to come. The CMP is placed at $0.6050 with an overall gain of 9.10% bringing the market capitalization to $251,904,888 causing a surge of 8.27%. The 24-hour volume traded has reached $84,863,627 resulting in a fresh surge of 62.28%.
The technical chart of Ocean Protocol since its inception has formed a W-shaped (ABCDE) pattern on the chart. The pattern certainly indicates that the cryptocurrency is on a bullish trend and might head for an upside above $1.00. However, from the past couple of trading sessions, the price levels are facing significant retracement around $0.60 suggesting a new resistance build-up for the crypto asset. A positive breakout from the resistance can surely put the next target around $0.8 (1.618 fib level). If the bullish trend sustains to the overbought regime of $1.00, one can expect ample retracement with support of $0.49 being in play
Looking at the performance for this year, Ocean Protocol has been in a bullish trend surging from $0.30 to the resistance mark of $0.60. Due to the arrival of the resistance mark in the current scenario, one might expect retracement for the upcoming trading sessions. However, on a longer timeframe, the cryptocurrency is still bullish as 20-EMA had a positive crossover against 50-EMA and showing no signs of retracement amid downfall in the current market session.
