- OCEAN crypto has experienced a year-to-date return of over 128%.
- The Ocean price has given a breakout of the $1.4069 resistance level.
- The trading volume of the OCEAN token has risen above 30% in the last 24 hours.
Ocean Protocol (OCEAN) facilitates secure and privacy-preserving data sharing by utilizing blockchain technology, decentralized networks, and cryptographic techniques. The protocol was developed to build technology for a Data Economy at the intersection of blockchain, data, and AI. Users can build and launch their data markets by forking the Ocean Protocol or using the supplied Ocean Protocol React hooks.
Ocean Crypto Delivered 318.89% Returns In The Last Six Months
OCEAN price made this year’s opening at the $0.5073 level and experienced a negative fall of 17.30%. This fall happened because of the upsurge in the previous three months. Investors booked some of the profits during January 2024, resulting in a bullish correction period.
However, massive buying was seen on the chart at around $0.4003 in February 2024. The price surged over 100% that month, resulting in a total shift in market sentiments. This shift also became impactful in March, with over 50% returns.
Ocean Protocol’s total diluted valuation is estimated at around $1.67 Billion, with a capped maximum supply of 1.41 billion. The developers have released 40.31% of tokens from the maximum supply in circulation, hardly at 568 million. The current market capitalization of the cryptocurrency stands at $677.50 Million.
Price to Volume and Social Dominance Analysis
The cryptocurrency’s social buzz has gained public attention after February 9, 2024. The social dominance reached over 0.339% in the crypto world, which also positively impacted the trading volume. The price has gained positive momentum from the social sentiment upsurge, although the volume and social dominance are slowly fading.
Technical Analysis Of Ocean Protocol (OCEAN) Price
![Ocean](https://themarketperiodical.com/wp-content/uploads/2024/04/image-76-1024x472.png)
The ocean price shows a strong bullish trend after a bullish retracement on the key exponential moving averages. The 50-day EMA is acting as a dynamic support, which leads to a strong uptrend in the current price.
OCEAN price has given a breakout from the $1.4069 resistance level. After the breakout, the price surged almost 20% and fell to the $1.0797 bullish point of interest (POI). In recent trading sessions, the price has gotten some bullish reactions from the $1.0797 POI. The $1.6781 mark can be achieved regarding the technicals if the price closed sharply above $1.2643.
Furthermore, the relative strength index (RSI) is showing an internal bearish divergence in the price momentum. This indicates the increasing selling pressure in the recent sessions. The RSI is moving at 52.37 above the middle band.
Summary
Since February 2024, the Ocean Protocol price has been reflecting a strong bullish trend. The cryptocurrency covered over 300% of returns in the last six months. Currently, the token price is getting some bullish reactions from the $1.0797 bullish POI. The crypto price can reclaim the $1.6781 mark if the price has a sharp closing above $1.2643.
Technical Levels
- Resistance Levels: $1.4069 and $1.6781
- Support Levels: $1.0797 and $0.9313
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.