Ocean Protocol Price Analysis: Triple-Top Formation Or A Double Bottom Formation

Bearish hammer Of Ocean: The Onset of Bear run Possibly
  • Ocean Protocol price reached the horizontal resistance of an ascending triangle which resulted in the formation of a double bottom at the support whereas triple top on at the resistance
  • Ocean Protocol price may plummet by 40% from the current prices if the bears return 
www.tradingview.com

Ocean Protocol price levels are moving in an ascending triangle. The prices are currently at the horizontal resistance with significant volumes to help the coin breakthrough. The coin may also decline by 40% if the bears take over the rally. The market cap and 24-hour volume of the coin are $250,447,496 and $842,740,698 respectively. 

Bearish hammer Of Ocean: The Onset of Bear run Possibly

www.tradigview.com

The OCEAN/USDT forms the bearish hammer during today’s session. The candle shows that the bears have succeeded in pushing the price below $0.62 levels. The longer lower wick suggests the bulls have attempted to break through the resistance but could not manage to generate required buying pressure. 

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The coin’s price is still above 10EMA($0.569), 20EMA($0.5486) and 50EMA($0.4975). The VWAP is providing intraday support at $0.59. The prices are still trading in the non-trading zone for the conservative traders. The future trend can be decided once the coin breaks either the resistance or the 50EMA. 

The Bollinger Bands have squeezed which signals contractions for the coin since the volatility has gone down. The lower band and median(10EMA) are buttressing the price at $0.51 and $0.56, respectively. 

The RSI is in the neutral territory, i.e. 60 levels, and the upwards trajectory of the indicator’s line has reversed, which might cause a bearish divergence in the prices and may cause the price to fall. Decline RSI indicates reducing strength in the bullish trend. 

The MACD(8,12,5) has failed to prompt the bulls to buy further as no new buying was observed post the buy signal flashed by the indicator. The lies of indicators are currently overlapping each other, which have increased the possibility of reversal. 

Conclusion – 

OCEAN price has reached an extreme resistance zone, and today’s hammer candle is pointing to timid bulls against the bears. The price is still above the EMAs, but the bears might take over the coin if the coin says consolidated, possibly pushing the coin back to the diagonal support. 

Support: VWAP($0.59), 10EMA($0.5690), 20EMA($0.5485) and 50EMA($0.4975)

Resistance: Horizontal resistance($0.6238) and all-time high ($0.69-$0.72)

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Kartik Dhankanihttp://thecoinrepublic.com
Kartik Dhankani is a BAF Student based out of India and a stock market trader and Financial Analyst. He seeks to diversify his reach to different investment alternatives and analyse them using his knowledge for fundamental and technical analysis

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