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- 1 The OCEAN price is currently trading at $0.38 while seeing a change of 3.61% in 24-hour trading volume.
- 2 The OCEAN price has been observing a decline of 1.35% in the last 24 hours.
The investor’s sentiments have been moving on a bullish trend since early January. Ocean price made a breakout above all the major key price levels. The bullish trend may continue for the upcoming days if the buyers keep supporting the price with the current enthusiasm. After making the breakout near early January the price started trading on an uptrend where it was constantly taking support from the 20 EMA. The 20 EMA was trading above all the major key price levels.
The OCEAN price recently took a sharp downturn after facing rejection from $0.5000 near early March. After the rejection it made a sharp downfall of 40 percent. Although the price gained substantial buyer support from that level and made a recovery of 53 percent. However, the OCEAN price was unable to cross above its previous high and marked a correction by 24%.
OCEAN price trading above the 100 EMA
The majority market sentiments are currently in the greed zone at 61 points in the Greed and Fear Index, The sentiment index is observing a slight decline of 4 points since last week. According to the information provided by the Alternative(dot)me platform, there is a slight decrease in the number of buyers. Meanwhile according to Coinglass the sellers are commanding the price action across most of the cryptocurrency exchanges.
After making a short consolidation near the 100 EMA and above the 200 EMA, the price is making another attempt to continue the bull trend. Although it is taking resistance from the neck level of the previous high. If the price is successful in breaching the current resistance level it may make a bullish rally of about 18% in the upcoming days.
The RSI line is moving above the median line and 14 SMA. The current value of the RSI is 55.68 points receiving support from the 14 SMA at 49.94 points. The slight curve of the RSI line is suggesting that it can soon make a correction.
Conclusion
The OCEAN price is currently taking resistance from the neck level of the previous high around the price of $0.4000 and its support level is around $0.3450 and its next major support level is at $0.3100. According to the analysis, OCEAN’s price is moving under the bullish influence. Although there are slight chances that it might make a bearish correction of in recent days.
Technical levels –
Support – $0.3450 and $0.3100
Resistance – $0.4000 and $0.6000
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.
