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Dalmas Ngetich
Jun 8, 2022
by Dalmas Ngetich

OCEAN Technical Analysis: Gains 15% and Outperforms BTC and ETH

OCEAN Technical Analysis

Table of contents

  1. Past Performance of OCEAN
  2. Ocean Protocol Technical Analysis
  3. What to Expect from OCEAN?
The Ocean Protocol is breaking out above the $0.06 consolidation. As buyers double down, the token could expand and retest Q1 2022 lows in a welcomed recovery.

Past Performance of OCEAN

OCEAN prices are breaking away after a tight consolidation. The token is trading above the middle BB, floating higher with rising trading volumes. Currently, the coin is up 12 percent versus the USDT. Meanwhile, it is outperforming the BTC and ETH within the past 24 hours, adding roughly 15 percent.

Ocean Protocol Technical Analysis

OCEAN Protocol Daily Chart for June 7

At $0.27, the token is in a bullish breakout formation and bottoming up. The coin is trending above the middle BB, a flexible resistance line, now support. As per the Ocean Protocol candlestick arrangement in the daily chart, buyers may search for entries on dips above the middle BB on the lower end and $0.25—the resistance level of the $0.06 consolidation. While prices bottom up and recover, the immediate resistance level and target will be $0.40. This target line flashes with Q1 2022 lows. Unexpected losses below $0.19 nullify the uptrend and would shift price action to favor sellers.

What to Expect from OCEAN?

A close above $0.40 would shape the OCEAN price trend. For now, prices are recovering after posting losses from April highs. The token remains in a bear breakout formation as long as prices trend below Q1 2022 lows.

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OCEAN Technical Analysis: Gains 15% and Outperforms BTC and ETH
Dalmas Ngetich
Dalmas has been passionate about the blockchain and crypto space ever since he’s heard about it. As someone who’s been closely following the trends in the crypto space, Dalmas is excited about what lies ahead in this niche and is all set to explore it. While he’s been advocating crypto adoption for a number of years, he’s himself a HODLer, which makes his voice authoritative and credible.

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