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Ocean Protocol (OCEAN) Looking For A Comeback: Can Bulls Succeed?

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The Ocean Protocol (OCEAN) glimpsed a symmetrical triangle pattern and is ready for an up move. However, bulls need to cross the prompt trendline hurdle of $1, which might lead to a sharp surge.

Meanwhile, sellers have made a strong grip near the round mark of $1 and decisively secured the zone. However, the sentiments have flipped, and a rebound from the 200-day EMA was noted in the last sessions.

At press time, OCEAN traded at $0.9317 with an intraday drop of 1.10%, reflecting neutrality on the charts. It has a monthly return ratio of -13.20% and 171.89% yearly.

The pair of OCEAN/BTC is at 0.0000152 BTC, and the market cap is $1.65 Billion. Analysts are neutral and suggest that the OCEAN price may see a pullback ahead and will gain momentum in the upcoming sessions.

$1 Mark Reachable? Price Action Outlook

The Ocean Protocol charts articulate that the upward trendline and the 200-day EMA provide downside support, which may not be breached further. On the higher side, the $1 mark is the challenge for the bulls to cross.

Source: Santiment 

This month, the price action hints at the buyer accumulation and recovery from the 200-day EMA, which may be the beginning of the upcoming rally. However, the trading volume remained flat, noted at $4.14 Million.

The Relative Strength Index (RSI) revisited the midline region, and a positive crossover was witnessed.

Will Development Activity Favor The Ocean Protocol Price

In a recent tweet, Ocean Protocol announced that it is hosting a challenge named โ€œGithub Developers Dynamics Data Challengeโ€ starting from May 9 to May 28. This competition has a prize pool of $10k. In this competition, developers will interact with each other and use the GitHub data for crypto projects.

Source: X

This activity has showcased a surge in the development activity data; a surge of over 120% in the last month was noted.

Source: Santiment

The immediate support levels for OCEAN are $0.9000 and $0.8900, whereas the key upside hurdle is around $1, followed by $1.25

Conclusion

OCEAN showcased signs of buyer accumulation and may attain pace soon. Recent developments highlight the fresh investor interest in the OCEAN crypto, which will soon give it an advantage.

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. 

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