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- OCEAN token price has fallen back to the important demand zone after showing a strong bullish rally in the past one month.
- OCEAN token price is forming a flag and pole pattern on a daily time frame.
- The pair of OCEAN/BTC is trading at the price level of 0.00001707 with a decrease of -1.50% in the past 24 hours.
OCEAN token price on daily time scale is forming a strong bullish chart pattern and on a larger time frame the token price has traced back to an important demand zone. As of now on a smaller time frame it is forming a lower low and lower time frame while in a larger time frame it is otherwise. At present, the OCEAN token price is trading at the price level of 0.4016.
Ocean token price gets ready for a big move
OCEAN token price as per the price action has gone past the important 50 and 100 Moving Averages. This comes after the token price showed a strong bullish move which led to the breakout of these MAs. As of now, the ocean token price is resting at these MAs. Moving upwards these MAS can be seen acting as a strong demand zone while showing a bullish trend. As of now, the token price is forming higher high and higher low formation on a daily time frame.
Ocean token price has bounded off the lower bollinger band and as a result it moves up to the upper band of the bollinger band indicator. Although, recent bearish in the price of ocean token price has led to the token price falling back to the middle of the bollinger band indicator. Volumes have increased as the token price traced back to the demand zone of 50 MA.
OCEAN token price is forming a flag and pole pattern on a daily time frame
ADX curve has been rising on a higher time frame as the token continues to rise. It is a positive sign for the token price. In a daily time frame, the ADX curve has dipped out of the 20 mark and has turned upwards. As the token price rests at the short-term demand zone on a 4-hour time frame. Investors should wait for a positive candle formation at the demand zone.
RSI curve is trading at the level of 46.51. The RSI curve is yet to cross the halfway mark of 50. The OCEAN token price has given a breakout of a strong small-term supply zone on a daily time frame. Once the token price breaks the rounding bottoms pattern, the RSI curve can be seen moving up rapidly. The RSI curve has crossed the 14 EMA yellow line indicating a short-term bullishness. The breakout of the bullish chart pattern will result in the RSI curve crossing the halfway mark of 50, supporting the breakout.
MACD indicator has been positive as the token price hovers around the supply zone. The MACD indicator gave a positive crossover where the blue line crossed the orange line on the upside. Once the OCEAN token price crosses the rounding bottom of the chart pattern supply zone, the MACD lines can be widening supporting the trend.
Conclusion: OCEAN token price as per the price action is supper bullish as it forms a strong bullish chart pattern. As of now it has retracted back to the demand zone although, the technical parameters have turned neutral indicating a consolidation to prevail in the upcoming trading days before a strong move on either side. It remains to see if the token price will break the supply one or fall below the demand zone.
Support: $0.38 and $0.35
Resistance: $0.53 and $0.57
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
