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- 1 OCEAN price chart shows a hint of bullishness amid a pause in the bullish rally.
- 2 Buyers are attempting to resume the bullish waves.
The OCEAN price signifies an uptrend and has held onto the gains in the bullish region, whereas the rally has now halted. Amidst the market downturn, the Ocean Protocol token has paused and is consolidating in the bullish region, reflecting bullish dominance. For weeks, the token persisted in delivering the buying momentum and has surged over 60% in this month.
At press time, the Ocean Protocol token (OCEAN) price was trading at $1.08 with an intraday drop of 1.10%, reflecting neutrality on the charts. It has a monthly return ratio of 41.89% and 192.37% on a yearly basis. The pair of OCEAN/BTC is at 0.0000166 BTC, and the market cap is $1.92 Billion. Analysts are bullish and suggest the OCEAN token may continue to resume the uptrend and will meet the $2 mark soon.
OCEAN Price To Volume Profile Signifying Bull Dominance
The above data reveals that, after a sharp bull run from the bottom of $0.400, buyers are taking a nap and slight profit booking was witnessed due to the downturn in the crypto market. However, the trend is bullish and the mighty bulls will continue to stretch the bull run soon. This week, following the price consolidation, the trading volume declined by over 32.58% to $10.97 Million.
Price Volatility and Sentiment Analysis
Amidst the market downturn, the token has decisively sustained gains in the bullish trajectory and is revealing a positive outlook. This week, the token faced average directional movements which led to a decline in the volatility, and the volatility value dropped to 0.014. However, the weighted sentiment remained neutral and the value stands below the midline near -0.655.
Social Dominance and Active Social Users Outlook
Per the Santiment data, the social activity witnessed a setback and the dominance data noted a significant decline over 23% to 0.077%. However, the number of active social users on X dropped over 220% to 2403, whereas on Telegram, the value dropped over 120% to 2249.
What Does Development Activity and Open Interest Indicate?
The data indicates that, the development activity increased by over 2.45% to 13.07. However, the total open interest dropped over 1.23% to $18.99 Million signifying the long unwinding data.
Per the Fib levels, the token has sustaining gains above the 38.2% zone and is close to the 50% zone, whereas the total supply of the OCEAN is 2.03 billion.
The Relative Strength Index (RSI) curve stayed above the midline, reflecting a neutral outlook on the charts.
Summary
The Ocean Protocol (OCEAN) price has shown a massive bullish rally and demonstrated bullish dominance on the charts. Moreover, the buyers are persisted in accumulation and are keen to stretch the token toward the $2 mark.
Technical Levels
Support Levels: $1 and $0.90
Resistance Levels: $1.30 and $1.50
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.
Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.
