OCEAN Protocol Review and Price Analysis
Ocean Protocol has positioned itself in the market as a project aiming to facilitate data sharing, supporting artificial intelligence and data applications. With the rise of the market, it does not seem to have made its move yet, much like many other altcoins.
When examining the 4-hour chart, it has formed a nice ascending trend and continues its upward momentum. It faced rejection twice at the $0.58 resistance it tested and retraced back to the trend support.
If the market continues in this manner, we observe that we are nearing the end of the consolidation phase. For those considering a new long position, it might be advisable to monitor this trend again or await a 4-hour close above the $0.58 level. In the event of a break in the ascending trend, we could witness a retracement towards the next horizontal support at the $0.47 level.
If the $0.58 level is surpassed, the price may target the major resistance range of $0.68-$0.70. Monitoring this area could be considered for profit-taking.
The analyses shared here are not investment advice; they are levels of support and resistance believed to offer short to medium-term trading opportunities in the market. The responsibility for taking trades and managing risks lies with the user. It is strongly recommended to use stop-loss orders when executing trades.
