The OCEAN price broke out from a descending resistance line on January 15. The ensuing increase was gradual, but the rate of increase has greatly accelerated since February 11.
Ocean Protocol (OCEAN) Highlights
- OCEAN is following an ascending support line.
- There is support at 630 satoshis.
- The daily RSI is bullish.
- The target for the top of the current move is found between 965-1055 satoshis.
The OCEAN price has broken out above three descending resistance lines until now. The first time it did so it increased by 141%, the second by 81% and in the current one it has also increased by 81% until now.
Therefore, judging solely by the previous two price increases, the current rally could definitely go higher.
In addition, the 630 satoshi area from which the price just broke out from is likely to act as support in the near future.
The daily RSI gives a bullish outlook. First, it has moved above the 50-line, validated it as support and continued upwards.
In addition, both previous times when the price decreased, the downward move was preceded by bearish divergence in the daily RSI. The same has yet to occur until now.
Since the breakout, the OCEAN price has been following an ascending support line.
Since there are no resistance areas above the current price, using a Fib retracement on the most recent decrease can give us targets for the top of the current move.
The price is currently at the first possible resistance area at 794 satoshis, having created a long upper wick the first time it reached it. While it is possible that the price reverses here in order to validate the convergence of the support area and the ascending support line, besides the wick, there is nothing else that suggests this, as evidenced by the lack of bearish divergence in the daily RSI.
A more likely move would be that OCEAN continues to increase towards the next targets of 965-1055 satoshis, then returns to validate the convergence of the support line and support area sometime between March 5-10.
To conclude, the OCEAN price has increased above its 2019 high. We believe a target for the top of this movement is found between 965-1055 satoshis.
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