OCEAN Poised For Breakout: Could It Present Buying Opportunities?

• 1 Ocean Protocol (OCEAN) is on the verge of breaking out of a falling wedge.
• 2 The token might extend its bullish leg toward the $1 mark soon.

The Ocean Protocol (OCEAN) extended its weekly gains to 45% and decisively approached the 20-day EMA mark. Followed by a decent recovery from the $0.5000 mark and a bullish engulfing candlestick at the bottom, a jump is imminent.

The OCEAN token is set to breach the downward trendline hurdle of $0.800 and is eyeing to register a breakout ahead. Meanwhile, the buyers have a challenge to sustain above the 200-day EMA mark, which, if cracked, a sharp recovery might be seen ahead.

OCEAN underwent a correction phase in the past few weeks, and slippages of over 36% were seen last month.

At press time, OCEAN was trading at $0.6679 with an intraday drop of 4.83%, reflecting neutrality on the chart. It has a monthly return ratio of -30.20% and 94.27% yearly, reflecting a short-term retracement.

The pair of OCEAN/BTC is at 0.0000109 BTC, and the market cap is $1.19 Billion. Analysts are neutral and suggest that OCEAN may break out and spike to the $1 mark.

Is OCEAN Worth Buying at Current Levels?

Amidst the past correction, the OCEAN had settled at around the $0.500 mark and witnessed a noteworthy rebound last week. Interestingly, the token has exited the correction phase and is ready to deliver the delights ahead.

Additionally, the whales bought the dip and entered into the dips, which is a sign that the token might extend the bullish swings. They will try to reclaim the $1 mark soon.

Source: Santiment

Its ongoing price projection highlights a reversal from the bottom mark of $0.5000 and a notable recovery of over 50%, which trapped the seller army. Afterward, a short covering was triggered, and the token reclaimed the 20-day EMA mark.

Meanwhile, the trading volume remained flat, and a drop of over 2.10% was noted at $16.92 Million. It was ranked at 149 and has a total supply of 2.03 billion.

The RSI curve witnessed a spike from the oversold region and revealed a positive crossover, directing a positive outlook on the charts.

Weighted Sentiment and Volatility Index Overview

Amidst the intraday price decline of over 7%, the weighted sentiment data looks relatively positive and stayed above the midline region.

Source: Santiment

Meanwhile, the price volatility data reflects intense fluctuations and displays investor speculation on the charts.

OCEAN’s Social Metrics Revealed Massive Spike

Its social dominance curve witnessed a sharp uptick from over 1200% to 1.78%, revealing a surge in user engagement on social media platforms.

Source: Santiment

Meanwhile, the development activity data stayed above the midline region and reflected a rise of over 6% in the last few hours.

Merger on Cards

Source: X

The immediate support levels for the Ocean Protocol token are $0.6500 and $0.6380, whereas the key upside hurdle is around $0.6720, followed by $0.6800.

OCEAN reclaimed the 20-day EMA mark and will soon split the trendline hurdle of $0.800. Its short-term projections favor the bull army and indicated a potential spike ahead.

Disclaimer

This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.

Source