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- 1 The OCEAN token shows a retracement move and is hovering at its make-or-break region.
- 2 Buyers are trying for a pullback and are struggling for a rebound.
The Ocean Protocol (OCEAN) token price is forming a rounding top pattern and hovers close to its vital support zone of $0.4000 near the 200-day EMA mark. Moreover, the price action signifies selling pressure, and the token skimmed from the top of $0.5800 and exhausted more than 30% of its gains in the recent sessions. The trend is prudent, and the token may breach the prompt support zone and retest the demand zone of $0.3500 soon.
The OCEAN token price noticed a setback and mirrored lower low swings, exhibiting bearishness for the past sessions. Along with its peers, the OCEAN price also regressed from the top and was under the sellers’ control, resulting in slippages from the highs. Recently, the token showcased a major runaway from the bottom and did not commit a correction, which is transpiring nowadays.
This cryptocurrency’s price was $0.4213 at press time, with an intraday gain of 2.06%, showing selling pressure in the last sessions. Moreover, the trading volume increased by 8.24% to $2.64 Million, highlighting volatility. The pair of OCEAN/BTC was noted at 0.0000104 BTC, while the market cap is $747.62 Million. Analysts are neutral and suggest that the token may make a pullback soon.
OCEAN On Daily Charts Exhibits Rounding Top Pattern
On the daily charts, the OCEAN price gives follow-up selling momentum and reveals bearishness in the recent sessions. However, the 200-day EMA mark has not been breached yet, and the token may make a pullback if it holds the level, whereas if the token slips below $0.4000, a fresh sell-off may occur.
The relative strength index (RSI) curve stayed in the oversold region, displaying selling momentum on the charts. The MACD indicator shows a bearish crossover and pointed to underperformance in the recent sessions.
OCEAN On Weekly Charts Replicates Rejection From Supply Zone
The OCEAN price delivered a falling wedge breakout and retested the supply zone of $0.5700 but failed to sustain and faced a sharp throwback, resulting in a reversal. However, the token is at its support zone of the 100-day EMA and is keen to hold the gains. As per the Fib levels, the Ocean Protocol token price is on the verge of the 38.2% zone and may slip to the 23.6% zone near $0.3500 if any breakdown occurs.
Summary
The Ocean Protocol (OCEAN) token price has regressed from the highs and is facing selling pressure, which strains the bulls. Additionally, the investors are squaring off their positions before any impulsive sell-off. However, the technical indicators did not give any signals to sell; only price slippages were noted in the last sessions.
Technical Levels
Support Levels: $0.4000 and $0.3800
Resistance Levels: $0.4400 and $0.4700
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto or stocks comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
