Ocean Protocol (OCEAN) to Retest This Key Level Before Bullish Trend Resurgence: What To Watch
Top analyst, Crypto Tony (@CryptoTony__), shared a chart analysis on X, suggesting that Ocean Protocol (OCEAN) could revisit the $0.57 level before any significant bullish momentum resumes.
According to the chart, the price movement of OCEAN spans over two and a half years, from 2022 to the latter part of 2024. Initially, the chart depicts a lateral trend, with the price oscillating within a tight range.
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Bullish Momentum and Pullback
Subsequently, a substantial bullish trend emerges, characterized by a sharp price increase. However, this bullish momentum is followed by a noticeable pullback or correction after reaching its peak. This correction phase is typical after a rapid price surge as traders take profits.
The chart includes horizontal lines drawn at specific price levels, potentially representing support levels. These are prices where the asset has historically faced resistance to further downside movements. The analyst likely identifies these areas as potential zones where the price could stabilize or rebound.
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Show more +Wave Pattern and Elliott Wave Notation
Notably, the chart incorporates numbers and letters in parentheses, suggesting the use of Elliott Wave analysis. This technical analysis technique predicts future price movements by identifying recurring wave patterns. The numbers (1, 2, 3, etc.) denote impulse waves that move in the direction of the main trend, while the letters (a, b, c) represent corrective waves that move against it.
According to Crypto Tony’s analysis, it is “very possible” for OCEAN to test the $0.57 zone before any potential upside is seen from the bulls. This implies that OCEAN’s price could retrace to the $0.57 level before regaining bullish momentum.
Current Price and Market Sentiment
At the time of writing, based on data from CoinMarketCap, the price of Ocean Protocol (OCEAN) is $0.855497, reflecting a 0.56% increase over the last 24 hours. Crypto Tony’s analysis suggests that while the short-term outlook may involve a pullback, there is potential for an upswing in OCEAN’s price if it successfully holds the $0.57 support level.
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