Crypto Analyst Highlights Bullish Potential of Ocean Protocol (OCEAN) and Near Protocol (NEAR) – Here’s His Outlook
In his latest newsletter, top crypto analyst Rekt Capital has shared insightful analysis on two altcoins, Ocean Protocol (OCEAN) and Near Protocol (NEAR), highlighting their potential for significant growth.
What you'll learn 👉
Ocean Protocol (OCEAN) Poised for a Macro Uptrend
According to Rekt Capital, OCEAN has been on a phenomenal run over the past couple of months. It has convincingly broken its final Macro Downtrend, positioning itself for a new Macro Uptrend. Rekt Capital explains the three-step process typically observed after such a breakout:
- A candle close above key resistance, which OCEAN has achieved with its Monthly Candle Closed above the Macro Downtrend.
- A pullback for a retest of old resistance into new support, potentially at the Macro Downtrend level, presenting an opportunity for bargain-buyers.
- Trend continuation upon a successful retest.
However, Rekt Capital notes that not all altcoins necessarily require a deep retracement to the Macro Downtrend level. Nonetheless, if OCEAN does experience such a retest, it would be a textbook scenario.
On the Weekly timeframe, OCEAN is potentially forming a Double Top pattern at highs. If OCEAN forms another downside wick below the base of the pattern this week, it would stave off a breakdown. Conversely, a Weekly Close below the base of the Double Top could kickstart the breakdown process, potentially leading to the Macro Downtrend retest.
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Show more +Near Protocol (NEAR) Revisits Macro Downtrend
Rekt Capital highlights that Near Protocol has revisited its Macro Downtrend for the first time since early 2022. Currently, NEAR is rejecting from this level but holding the $5.97 level as support, which previously acted as resistance.
While NEAR is expected to break this Macro Downtrend with time, the question remains: how low could it dip before doing so? If the current retest at these levels remains successful, NEAR may not have to dip much to break the Macro Downtrend.
However, losing the $5.97 support level could signal a potential breakdown into a consolidation range, where NEAR would find a local bottom. Notably, NEAR has not shown any signs of breaking down and following a bearish path, as the retest has been successful thus far.
Moreover, if the retest continues to be successful, enabling a Monthly Close above the Macro Downtrend, the dip would be over, and NEAR could potentially retest the Macro Downtrend before embarking on another uptrend.
Rekt Capital’s analysis provides valuable insights into the technical landscape of OCEAN and NEAR, highlighting their potential for growth and the key levels to watch for in the coming weeks.
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