Reserve Rights (RSR) and Ocean Protocol (OCEAN) Technical Analysis: Sellers May Dominate
Table of contents
Reserve Rights (RSR)
The token manages the platform's stablecoin, RSV.
Past Performance of RSR
The Reserve Rights token is struggling in the face of selling pressure, reading from the RSR technical analysis of the daily chart.
When writing, RSR crypto sellers appear to have the upper hand, limiting buyers.
Day-Ahead and What to Expect
The Reserve Rights crypto is below the liquidation line at $0.04.
Although buyers are confident, the double bar bear reversal pattern of October 26 and 27 signaled the potential peak of bullish attempts in mid-October.
Therefore, a close below the bearish engulfing bar of October 27 may see RSR/USDT further drop towards $0.03.
Reserve Rights Technical Analysis
As per candlestick arrangements in the daily chart, the primary resistance is at $0.04.
There is also a bearish engulfing bar of October 27 that has high trading volumes, highlighting its significance.
From the chart, a drop below $0.035 would confirm losses of mid this week.
In that case, every high may provide entries for sellers targeting $0.03—the primary support.
However, if market conditions shift and RSR coin buyers unwind losses of October 27, any close above $0.04 would likely mark a buy trend resumption.
Ocean Protocol
The platform allows users to unlock their data and monetize them using the OCEAN token.
Past Performance of OCEAN
There are a series of lower lows versus the upper BB, pointing to the weakness of the uptrend. When writing, OCEAN crypto is under-performing the greenback and may crumble back to weekly lows.
Day-Ahead and What to Expect
Overall, the uptrend is firm, but the Ocean Protocol coin sellers are beginning to leave their mark.
As from the OCEAN technical analysis, the path of the least resistance in the short term is bearish.
Notably, OCEAN/USDT prices are below $1. With a bearish engulfing pattern and OCEAN crypto buyers unable to unwind losses, the token may fall to $0.65.
Even so, higher highs above $0.95 and this week's highs may spark demand, changing fortunes for buyers.
Ocean Protocol Technical Analysis
Technical candlestick arrangement points to weakness.
Specifically, the bear bar of October 27 has high trading volumes, canceling buyers' gains of the second half of October.
As such, OCEAN coin traders may unload on a pullback with targets at $0.75 and $0.65 in the short term.
These are critical reaction points within the wider $0.40 defining the past two months' price action.