The Ocean Protocol (OCEAN) price is hovering near the upper neckline of the range and is on the verge of a range breakout.
For weeks, the token was hovering inside a narrow range signifying low investor interest. Amidst the market correction, the token did not lose gains and stayed above the key moving averages.
Recently, the token flipped from the 200 day EMA mark and reached the round mark of $1, signifying significant buying interest activity. A break and close above the $1.15 mark validates the range breakout and a sharp rise is likely.
At press time, Ocean Protocol price traded at $1.06 with an intraday drop of 1.15%, reflecting neutrality on the charts. It has a monthly return ratio of 1.20% and a yearly return ratio of 204.30%.
The pair of OCEAN/BTC is at 0.0000146 BTC, and the market cap is $1.80 Billion. Analysts are neutral and suggest that the Ocean Protocol price may register a sharp breakout and will retain the upside mark of $2 shortly.
OCEAN At $1 Mark: Can Bulls Break Out?
On the daily charts, the Ocean Protocol price decisively held the gains near the $1 mark and are looking for a significant breakout ahead.
Despite the market volatility, the token has maintained strength and has the potential to outperform in the coming sessions. @CryptoTony on X explained that the token is looking good to go and might break the range hurdle soon.
$OCEAN / $USD – Update
— Crypto Tony (@CryptoTony__) May 23, 2024
Reclaim $1.07 on the daily and we are good to go for a safe entry pic.twitter.com/APALLWadqB
Source: X
Additionally, significant volume buying activity and key metrics data have turned bullish, revealing the upcoming bull rally.
Source: Santiment
If a bullish wave is triggered, OCEAN token price might reach the upside mark of $2 soon.
The Relative Strength Index (RSI) curve spiked to the overbought zone and displayed a positive crossover. Moreover, the key metrics suggest a major blast ahead.
What Does Social Dominance and Development Activity Data Indicate?
The Social Dominance data significantly increased and surged over 7,27% to 0.196% revealing that investors are actively engaged on the social media platforms.
Source: Santiment
Likewise, the development activity data suggests that buying interest had inclined to 3.45 mark, conveying a positive outlook.
Futures Data Remained Flat
Following the range-bound price movements, the futures OI data remained stable throughout the week.
Source: CoinGlass
The open interest data showed a nominal decline of over 1.29% to $28.10 Million, reflecting long unwinding activity.
The immediate support levels for the Ocean Protocol is $1 and $0.9700, whereas the key upside hurdle is around $1.30, followed by $1.80.
Conclusion
The Ocean Protocol (OCEAN) price is close to the $1 mark and may depict a range breakout soon. Technicals highlight that buyers have retained strength and will succeed in stretching the rise again.
