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- 1 The Ocean Protocol native token (OCEAN) is displaying bearishness and as it plunges below major trend EMAs.
- 2 The OCEAN crypto was at $0.4332 with an intraday loss of 2.37% at the time of writing.
Ocean Protocol is a platform that utilizes blockchain technology to allow a disseminated data economy.
It serves as a secure and unambiguous way for data providers to carve up their data to data consumers and at the same time maintain authority over how their data is availed and who can use it.
The Ocean Protocol network is led by a primary utility token called OCEAN, which is required to use many characteristics and facilities on the platform.
Ocean Protocol was designed by a team of scholars in blockchain, data science, and AI. The team includes CEO Bruce Pon, CTO Trent McConaghy, and COO Chirdeep Singh.
OCEAN is majorly utilized as a way of value transfer within the Ocean Protocol ecosystem.It is used by data providers to dispose of their data to data consumers, and by data consumers to buy and access data from the network.
Along with data sharing, OCEAN is also used to stimulate network fellows to do significant tasks such as data curation, data staking, and governance decisions.
Overall, Ocean Protocol’s objective is to make a more open and fair data economy by authorizing data providers and consumers to share and access data safely and clearly, while providing incentives for network association and contribution.
OCEAN Crypto Plunges, Seeks Bottom
OCEAN chart is displaying bearishness. The asset plugged below 20-, 50-, and 100-Day EMAs and clung on to the 200-Day EMA (at press time). Now, reliant on the sellers’ surge, it could consume 200-Day EMA as well.
The OCEAN crypto asset is in a strong downtrend as the MACD oscillator is showing a bearish crossover. Meanwhile, the MACD line is taking rejection from the signal line. The MACD is at -0.0184 and the signal line is at -0.00063.
Furthermore, the RSI shows no signs of oversold conditions yet, as it is still approaching the 30 level and smoothly taking rejection from 14 SMA, suggesting that the asset has more room to fall. Whereas, the RSI curve is at 38.59 and 14 SMA is at 45.49.
At the time of publishing, the OCEAN crypto is at $0.4332 with an intraday loss of 2.37%.
The price action displays that it has demonstrated poor performance in the past week, and past month, by 17.86% and 13.81% respectively, indicating a reliable downward trend.
Therefore, if the price fails to manage the current level, then the price could slump and show bigger depths in the price. The current support is at $0.4000.
On the flip side, if the buyers’ accumulation increases and shows sustainability in the market, the price could extend upwards, and next the possible resistance could be $0.5000.
Summary
OCEAN is displaying bearishness. It fell below the 20-, 50-, and 100-Day EMAs, onto the 200-day EMA. If the selling pressure sustains, it will fall below the 200-Day EMA as well.
Therefore, if the price fails to sustain at the current level, the price could slump and show bigger depths on the chart. The current support is at $0.4000.
Technical Levels
Support Levels: $0.4000
Resistance Levels: $0.5000
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
