- The OCEAN crypto price has faced unexpected resistance from the $1.21 level.
- A decrease of 7.40% has been observed in the Ocean protocol price during the weekly trading session.
- The trading volume has reached $27.12 million, with a decline of 27.64%.
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, the protocol has pioneered technology to push the envelope forward, including NFTs, token engineering, data tokens, and others.
OCEAN Price Advanced Over 260% During the Six-month Timeframe
The cryptocurrency price has recorded a 90% positive rally after a falling wedge formed before February 7, 2024. The price performed impulsive bullish moves while forming the $0.83 point of interest (POI). On the other hand, market observers are also keeping an eye on the crucial levels of bullish entries.
Crypto traders have assembled on the $0.83 bullish POI and surged the OCEAN price over 65% to the $1.40 resistance. The situation made the $0.93 level a potential demand zone for the next bullish rally. Consequently, the price gave almost 80% returns from that level and is currently facing some selling pressure from the $1.67 resistance.
Ocean Protcol’s maximum supply tokens are locked at 1.41 billion, of which 40.31% are in current circulation, hardly at 568 million tokens. The all-time high price is at $1.94. The full diluted valuation of the OCEAN crypto is estimated at around $1.49 billion. The current market capitalization stands at $601 million.
Price to Volume and Social Dominance Analysis
In mid-February 2024, the cryptocurrency social hike increased above 0.33% across the crypto world. It impacted a quick positive upsurge in the trading volume, which increased above $285 million. On the other hand, the price has shown a stable rise since then. Social dominance is slowly fading in current sessions, but the price remains intact, and there is a stable rise.
Technical Analysis of the Ocean Protocol (OCEAN) Price
![](https://themarketperiodical.com/wp-content/uploads/2024/04/OCEANUSD_2024-04-12_16-00-47-1024x472.webp)
The price has been moving above the key exponential moving averages since October 2023, reflecting a strong bullish trend. The price is slipping below the 50-day EMA, which can lead to a short-term fall. The 200-day EMA remains untouched for major support.
The OCEAN price has given a breakout of the $1.40 resistance on March 28, 2024. Afterward, the price faced an opposing rally of 35% and broke below the $1.07 bullish POI. If the price closes below the $0.93 demand zone, the price will likely face a shortfall to the $0.83 POI. The price must give a closing above $1.40 for the continuation of the uptrend.
Moreover, the relative strength index (RSI) reflects a weak internal bearish divergence in the momentum, indicating weakness in bearish strength. The RSI is moving at 44.10 below the signal line.
Summary
The Ocean Protocol price has been performing with bullish sentiments since October 2023. The cryptocurrency has returned over 260% in the last six months. The current price is facing resistance from the $1.67 level. OCEAN price can face a short-term fall below the $0.93 demand level. Or if the cryptocurrency price gives a sharp closing above $1.40, the price will likely give a breakout from the $1.67 resistance.
Technical Levels
- Resistance Levels: $1.40 and $1.67
- 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.