Will OCEAN Coin Price Close Below $0.2874 Level or Get Bullish?

• The OCEAN coin price has declined by 0.46% in the last 24 hours.
• It is currently trying to give the breakdown of one its crucial level.

Ocean (OCEAN) coin is an open-source protocol that utilizes a combination of blockchain technology and decentralized techniques that allow the users to have secure and privacy-preserving data sharing.  

Ocean Coin Price Analysis

The Ocean coin price is down by 0.46% and is currently trading at the $0.2835 level with a 24-hour trading volume of $26,684,836. The coin’s current market capitalization is worth 429,994,500 US Dollars. Its current and max circulating supply is around 1,410,000,000 OCEAN coins.

Ocean Coin 1-Day Price Analysis

In the 1-day timeframe, the Ocean coin price is in a downtrend and is trading inside a falling channel. The token price has recently given the breakdown of the $0.2874 level after retesting the 50 EMA line.

The 50 and 200-day EMA lines are above the coin price showing the seller’s control over the price. OCEAN coin’s price has faced resistance from the 50 EMA line and is forming a shooting star candle at the time of writing. 

The relative strength index is in bearish territory and is heading towards the oversold territory. It indicates that the price after falling for some time may face a short-term recovery, where the price can rise.

At press time, the current intraday session the buyers tried to make the price rise. However, after facing resistance from the 50-day EMA line the sellers took control in their hands and made the price fall. It is leading the price to form a shooting star candle and also seems to be giving the breakdown of the current acting support of $0.28874. 

If the price closes below this support level, it may fall to its next support at $0.2410 and then to $0.1970. The OCEAN token price can be bullish a sentiment if it reclaims the $0.2874 level or close above this level. Thus, it may rise to its next resistance at $0.3338. If it also breaks above $0.3338, it may rise to its next resistance at $0.4045.

Conclusion

The Ocean coin price is in the bear’s control at the time of writing. It is currently trying to give the breakdown of the $0.2874 support. If the price closes below this level, it may fall to its next two support at $0.2410 and then $0.1970.

The OCEAN coin price can get bullish after reclaiming the $0.2874 level. It may rise to its resistance at $0.3338 and also reach the next resistance at $0.4045.

Technical levels

Resistance Levels: $0.3338 and $0.4045.

Support Levels: $0.2410 and $0.1970.

Disclaimer

The views and opinions stated by the author or any other person named in this article are for informational purposes only. They do not provide financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.