- The OCEAN price is trading at $1.06 while observing a decline of 1.26% during the intraday trading session.
- Technical indicators summary reflects a positive signal in the current phase.
- The trading volume has decreased by 31.50% in the last 24 hours.
Ocean Protocol (OCEAN) was founded to build technology for a data economy at the intersection of blockchain, data, and AI. It facilitates secure and privacy-preserving data sharing using blockchain technology, decentralized networks, and cryptographic techniques. The protocol aims to build the tools and services that can be helpful to the commercialization of data and data marketplaces.
The OCEAN Price Experienced 233% Growth in the Last Six Months
The Ocean crypto price reflected a potential bullish reversal in the last quarter of 2023. The price showed positive growth for the three consecutive months, surging 56.94%. However, it faced some adverse remarks in January 2024 due to the bullish correction period.
In January 2024, the price observed a decline of 17.30%, which reflected uncertainty at that time. Afterward, the price got a massive bullish response from the crypto whales in February 2024. Ocean crypto witnessed over 100% growth by that bullish move.
Supply and Valuation of the Ocean Protocol Tokens
Top 3 Wallets list that are holding the OCEAN tokens;
The fully diluted valuation of this protocol is assumed to be worth $1.49 billion. OCEAN tokens’ maximum supply is capped at 1.41 billion, making this cryptocurrency a deflationary digital asset. At present, the protocol has created 1.408 billion tokens.
Of these, 568 million tokens are currently in circulation, hardly 40.31% of the maximum supply. The current market capitalization of the tokens is at $601 million, ranked 134th among all the 9,248 active cryptocurrencies.
Technical Analysis of the OCEAN Token Price
The long-term outlook lies above the 50-day and the 200-day exponential moving averages. The price has been performing with bullish sentiments since November 2023. Both EMAs became dynamic support in January 2024 and can act similarly at present.
The OCEAN token price was given a breakout from a descending triangle pattern on February 88, 2024. The price witnessed over 200% upsurge from the breakout level of $0.43. It formed multiple POIs during the rally and faced resistance from $1.40.
The current price is trading above the $0.83 bullish point of interest (POI). The price can continue a strong bullish trend if there is enough bullish push at that level. However, a short-term fall can be expected if the price slips below the $0.78 support.
The relative strength index (RSI) reflects a bearish divergence in the price momentum from early March 2024. The RSI line is losing bearish strength, which can be a positive signal. RSI is moving at 50.94 below the signal line.
Summary
The ocean price has been performing in a bullish trend since November 2023. The price has given a crucial breakout from a descending triangle in February 2024, reflecting over 200% return. Ocean price is facing negative remarks from the $1.40 resistance. The price can bounce back to a bullish trend if there is enough push at $0.83.
Technical Levels
- Resistance Levels: $1.20 and $1.48
- Support Levels: $0.93 and $0.78
Disclaimer
The views and opinions stated by the author or any people named in this article are for informational purposes only. They do not establish financial, investment, or any other advice. Investing in or trading crypto or stock comes with a risk of financial loss.