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- 1 The Ocean Protocol cryptocurrency is displaying bullish characteristics, as its volume, development activity, and open interest (OI) are all supporting the price.
- 2 The OCEAN crypto saw a 7.47% increase in the past 24 hours, currently trading at $1.2575 with a volume of 167.37 million according to Santiment.
The Ocean Protocol network is generally fueled by the native token called OCEAN. It is used to open access to the various features and services within the platform.
Ocean Protocol’s objective is to establish a more honest, equitable, and transparent data economy. It aims to achieve that objective by authorizing data providers and clients to firmly share and access data. It also offers incentives for network participation and contribution.
What Does OCEAN Crypto’s Open Interest Chart Show?
According to Coinglass, open interest for Ocean Protocol (OCEAN) is $38.45 million, up 13.64% from the previous session.
The OCEAN futures OI in USD chart. It reveals that the OI generated was low in January, and it stayed below roughly 20 Million. The Ocean Protocol price also lacked momentum and stayed around $0.50.
However, in February’s second week, the OI increased and stayed mostly above 25 Million. The price also followed the OI and rose around $1.20, highlighting upward momentum.
Therefore, if more OI is generated in OCEAN, there could be another spectacular rally, beating the hurdles in the process and climbing to newer levels.
With reference to these metrics, it shows that the OCEAN crypto token is strongly bullish and the recent thrust in price is verified by these values. The OI shows the number of open contracts is at its peak. It predicts the price could rise more.
Find Out What OCEAN Crypto Price and Volume Demonstrate
The chart of Ocean Protocol displays the correlation between the volume and price of the OCEAN crypto. Upon examining the chart, it can be inferred that the asset volume and price were low in January, indicating a lack of interest and activity in the OCEAN token market. During that period, the volumes mostly remained under $40 million, and the prices hovered around $0.50.
However, volume and price continued to rise in the second week of February, indicating increased demand and excitement about OCEAN crypto price. The trading volume exceeded $60 million, and the price rose drastically from $0.50 to $1.20.
Ocean Protocol (OCEAN) Crypto Development Activity Chart
Moreover, the Ocean Protocol crypto highlights healthy developer activity over a daily interval as the Developer activity contributor’s commit count is also changing over time. The Developer’s activity and commit count have exhibited sustained growth in the span of the last six months over OCEAN crypto.
At press time, the Development activity is at 72.81, and the Developer’s activity contributors commit count is 9. These numbers show that consistent development has persisted in the OCEAN.
OCEAN Crypto Price & Volatility Chart Analysis
This chart exhibits the contrast between volatility and price movement in the Ocean protocol crypto. On examination, it shows that the OCEAN crypto has witnessed tremendous growth in recent sessions, and the volatility has advanced much as well, illustrating less stability in the price. It predicts that sellers are active and not in the rear yet, and in the ascent, a price correction or pullback is possible.
Ocean Crypto Price Analysis Over Daily Chart
The Ocean Protocol cryptocurrency is displaying bullish characteristics, as its volume, development activity, and open interest are all supporting the price. It suggests that it has the potential for further growth. Similarly, on the price chart, it has demonstrated good performance during the past week, month, and three months by 16.60%, 189.73%, and 148.49% respectively, indicating a reliable upward trend.
The crypto OCEAN saw a 7.47% increase in the past 24 hours, currently trading at $1.2575 with a volume of 167.37 million according to Santiment.
Therefore, the Ocean Protocol crypto has exhibited a sturdy recovery as the price turned around from a critical key level of around $0.30 on the chart. If the OCEAN crypto continues to follow that bounced rally, it might continue to gear upward. Besides, the rally may continue to go upward to pierce through the resisting hurdle levels. It may zoom to new heights towards testing the major supply level from the current price level.
Correspondingly, the OCEAN asset is showing bullish strength and rising potential as it sustains above major 20-day and 50-day EMA bands. Likewise, the asset appears to be in a strong upward trend as the MACD shows a broad histogram, which is at 0.02595 and shows a bullish crossover. The MACD line is at 0.1625, and the signal line is at 0.1365. The daily chart shows a wider northward trend, and indicators support the price.
Therefore, If demand for the OCEAN token remains at its peak, its price could reach $1.50. However, $1.350 would be the primary resistance level.
Another possibility would be that if the Ocean Protocol crypto price fails to stay above the $1.10 price level, it could decline further.
Ocean protocol daily chart analysis by Sam_TCR on TradingView.com
Summary
Open interest for Ocean Protocol (OCEAN) is highlighting upward momentum, and the correlation between the volume and price in the second week of February, volume and price continued to rise, indicating increased demand and excitement about the crypto price.
Moreover, the Ocean Protocol crypto highlights healthy developer activity over a daily interval as the developer’s activity contributor’s commit count is also changing over time.
Correspondingly, the OCEAN asset is showing bullish strength and rising potential as it sustains above major 20-day and 50-day EMA bands.
Therefore, If demand for the OCEAN token remains at its peak, its price could reach $1.50. However, $1.350 would be the primary resistance level.
Technical Levels
Support Levels: $1.100
Resistance Levels: $1.350
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.
