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.

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.

New Meme Coin to Watch Aiming to be Next $BONK, $WIF or $MEW

Milei Moneda is a new meme coin inspired by the political and economic views of Javier Milei, an Argentine president known for his libertarian and pro-Bitcoin stance. You have an opportunity with the ongoing low presale price to get in early!

Sponsored

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.

Hunting for a small cap coin that could explode 10x? We’ve unveiled a few last week alone.
Get all our future calls by joining our FREE Telegram community.

Check $RECQ Meme Coin

Sponsored: Invest Responsibly, Do Your Own Research.
Serves as the base currency for all transactions within the Rebel Satoshi platform
ICO stage, offering tokens at a discounted price
Facilitates a smooth and efficient economy within the arcade, supporting both arcade and in-game transactions.
Grants access to a diverse range of gaming experiences in the Rebel Satoshi Arcade,
Contributes to a decentralized, community-driven RebelSatoshi platform that integrates gaming with elements of revolution, freedom, and unity, appealing to users who value such principles.
intelligent crypto
How are  regular people making returns of as much as 70% in a year with no risk?  By properly setting up a FREE Pionex grid bot - click the button to learn more.
Crypto arbitrage still works like a charm, if you do it right! Check out Alphador, leading crypto arbitrage bot to learn the best way of doing it.

Tags:

Samuel Munene
Samuel Munene

Samuel is a vesatile and seasoned content editor with a sharp eye for detail and a passion for writing. Web3 techonology is the future! With massive experience in the publishing industry, I specialize in refining and enhancing written material to ensure clarity, coherence, and engaging narratives.

CaptainAltcoin
Logo