OCEAN Price Analysis: Will OCEAN Price Show a Bullish Rally?

The OCEAN price is currently trading at $0.38 while seeing a change of 50% in 24-hour trading volume.
The OCEAN price has been observing a decline of 7.40% in the last 24 hours.

The Sentiments of the Investors are showing a slight preference for the bulls. OCEAN’s price has been trading on a major bull trend for the last couple of days. Where the EMA’s are moving in a descending order which is an identification mark for the bull trend. Recently the price took a slight bearish correction of 20%. At present, OCEAN is making the three soldier candlestick pattern. If the price continues to move in the bullish direction it may rally up 15%.

The OCEAN price is gaining buyers’ support at present and the technical indicators are also giving bullish indications which suggest that the price will continue moving with this bullish optimism.

OCEAN price taking support from the 100 EMA

The majority of the market sentiments are at present trading in the neutral zone at 50 points in the Greed and Fear Index, The sentiment index is observing a significant decline since last week of 19 points. According to the information provided by the Alternative(dot)me platform, there is a slight decrease in the number of buyers in the overall market though the price of OCEAN is trading on a positive trend.

The price at present is making a bullish price curve taking support from the 100 EMA. The 200 EMA is just below it, acting as a major support zone. If the price continues to move upwards it can make a 15% rally within a few days. The path of least resistance for the OCEAN price is upwards.

The RSI line is crossing above the median line and its next resistance is 14 SMA. The current value of the RSI is 51.97 where its resistance point is near the14 SMA at 54.94 points. The slight curve of the RSI line is suggesting that it can soon make a bullish reversal.

The Stochastic RSI is making a reversal from the oversold levels. The %K has already intercepted the %D line. Current value of Stochastic is 19.38 points.

Conclusion

According to the analysis, OCEAN is currently taking resistance from the price of $0.4000 and its major resistance is at $0.5000. The support level is around $0.3800 and its next major support level is at $0.3500. OCEAN price is moving on a bullish trend and it gives strong technical indication of making a bull rally.

Technical levels –

Support – $0.3800 and $0.3500

Resistance – $0.4000 and $0.5000

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.