OpenOcean (OOE) Gained Strength: Can Bulls Retain $0.02500?

OpenOcean token (OOE) price has reverted gains from the key support level of $0.01200, and a notable pullback was witnessed. A hammer candlestick was displayed on the bottom mark, steering to a reliable trend reversal. Afterward, the token recovered over 50% in the previous weeks. Additionally, the token has sharply bounced from the 20-day EMA mark and glimpsed a bullish outlook.

OpenOcean (OOE) price has jumped above the key moving averages, revealing fresh buying interest. The price action depicted that bulls endeavour to surpass the round mark of $0.02000, and a significant bounce was witnessed in the last session. Moreover, the token has sustained gains above the 200-day EMA, and sellers look trapped.

The OpenOcean token (OOE) price was $0.01661 at press time, with an intraday gain of 5.12%, showing neutrality on the charts. Moreover, the trading volume has increased by 216.26% to $252,907, revealing investor interest. The pair of OOE/BTC is at 0.000000350 BTC, and the market cap is $9.01 Million. OOE token has a weekly return ratio of 5.32% and 36.80% on a monthly basis, revealing a bullish outlook. Analysts are neutral and suggest that the OpenOcean crypto (OOE) price will continue to extend the pullback and may retain the highs of $0.025000 shortly.

OpenOcean Displays Falling Channel Pattern On Daily Charts

OpenOcean token price has revamped the gains and initiated a rising channel formation, signifying the higher high swings on the charts. Furthermore, the price action displays buyer accumulation and favors the bulls to continue the upward movement. If the token succeeds in escaping the prompt hurdle of $0.02000, a notable bounce toward $0.02500 will unlock.

The Relative Strength Index (RSI) curve stayed in the overbought zone and formed a positive crossover, suggesting a bullish outlook. Similarly, the MACD indicator shows a bullish crossover and displays green bars on the histogram, revealing the bulls’ dominance in the past weeks.

OOE Exhibits Trend Reversal: Can It Surpass 38.2% Fib Hurdle?

OpenOcean (OOE) displayed a recovery and sharply bounced from the 20-day EMA, which led to crossing the 23.6% Fib zone and retesting the 38.2% zone. Moreover, the follow-on buying momentum was reflected, and bulls are trying to reach the 50-day EMA, which might be reflected in the following sessions. Furthermore, the token has gained strength and indicates that sellers have covered their short positions, leading to a bounce in the last weeks.

Summary

The OpenOcean (OOE token) price has regained strength and is glimpsing buying momentum, delivering signs of trend reversal. Moreover, the price action reveals the buyer accumulation, and the token will soon pump toward the supply zone of $0.02500.

Technical Levels

Support Levels: $0.01500 and $0.01200

Resistance Levels:$0.01800 and $0.02000

Disclaimer

The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice. 

Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.