Ocean Market Price Hits 90-Day High; Indicators Point to More Gains

  • OCEAN bulls have made a new 90-day high in the past trading day.
  • Support around $0.4202 has neutralized the bears’ efforts to dominate the market.
  • According to indicators, the bull run is not over.

Initial efforts by bears to take Ocean Protocol (OCEAN) were evident, with the price falling to an intraday low of $0.4202 before finding support. However, despite the bears’ best efforts, the bulls pushed the price higher, reaching a session high of $0.5686 (90-day high). At the time of writing, the OCEAN price has risen by 33.71% to $0.5661.

Market capitalization rose by 15.07% to $305,863,332 as a result of the bullish surge in the price of OCEAN, but 24-hour trading volume dropped by 21.95% to $104,021,621, leaving investors uncertain as to whether the wave is indicative of a genuine bull market or whether it will soon retrace back to its previous levels.

OCEAN/USD 24-hour price chart (source: CoinMarketCap)

As the Envelope indicator trends higher, with the upper band at 0.46608513 and the lower band at 0.38142789, the present trend may continue, and the price of OCEAN will climb even more in the following days. This positive trend might be strengthened further if trade volume can return to pre-surge levels and the bull market continues.

With a Money Flow Index (MFI) score of 72.89, the bullish trend for OCEAN is anticipated to continue, suggesting that market sentiment is strong. As a result, although OCEAN’s price growth is not yet indicative of a full-fledged bull market, its present trend shows that the cryptocurrency’s value may rise in the immediate future.

With a value of 0.02734174, the MACD line is trending above its signal line and pointing north. Consequently, market sentiment looks optimistic for OCEAN, with investors believing that the currency will hold or possibly exceed its present price level in the foreseeable future. This upbeat mood is also confirmed by the histogram, which is positive and increasing, indicating that investors are investing in OCEAN.

OCEAN/USD 4-hour price chart (source: TradingView)

With the 20-day MA crossing above the 100-day MA, a bullish crossover is apparent, indicating that the trend is likely to continue, and the OCEAN price is predicted to climb higher in the immediate term. As a consequence of the positive increase, investors have shown a strong interest in OCEAN; however, considering the lower trading volume, it is still being determined if the trend can be maintained. Despite the reduction in trading volume, the upward trend has continued, owing primarily to investors’ increased interest in OCEAN.

As the Know Sure Thing (KST) trended over its signal line with a value of 205.88881, indicating that the trend is likely to continue in the near term, OCEAN has excellent momentum behind it and may maintain its bullish surge. This means that, despite the lower trading volume, the OCEAN price is likely to hold at present levels and continue its upward trend.

OCEAN/USD 4-hour price chart (source: TradingView)

If the bullish force continues, technical indicators predict OCEAN market price gains and a possible break out over resistance.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

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Source: https://coinedition.com/ocean-market-price-hits-90-day-high-indicators-point-to-more-gains/