Key Takeaways:
- Ocean price rallied over 25% and surpassed the $0.50 resistance.
- OCEAN/USD is following a key bullish trend line with support at $0.48 on the 4-hours chart.
- The price could rise further unless there is a close below the $0.45 support.
New Delhi(CoinChapter): Ocean protocol token price rallied over 25% and surpassed $0.50. OCEAN/USD remains well supported for more gains above $0.60 and $0.62.
OCEAN Price Breakout Seems Real
After forming a base above the $0.32 level, ocean price started a strong increase. The bulls were able to pump the price above the $0.38 and $0.40 resistance levels.
Today, the price saw strong bullish moves above the $0.45 resistance, outperforming ethereum, ripple, and bitcoin. There was also a close above the $0.50 level and the 50 simple moving average (4-hours, blue).
Ocean price 4-hours chart | Source: OCEANUSD on TradingView.com
The price gained pace when it broke the $0.50 barrier. It traded to a new yearly high at $0.585 and is currently correcting gains.
There was a drop below the $0.560 level. It seems to be approaching the 23.6% Fib retracement of the recent surge from the $0.323 swing low to $0.585 high. It is trading well above the $0.50 support and the 50 simple moving average (4-hours, blue).
On the downside, the first major support is near the $0.525 level. The next key support sits near the $0.48 zone. There is also a key bullish trend line forming with support at $0.48 on the 4-hours chart.
A clear move below the $0.48 support could spark a bearish move. The next major support is near the $0.455 zone. It is close to the 50% Fib retracement of the recent surge from the $0.323 swing low to $0.585 high. Any more losses could set the pace for a trend change and a move towards the $0.35 support.
Fresh Surge?
Conversely, ocean price might start another leg higher. The first major resistance is near the $0.560 level. The next major resistance is near the $0.585 zone.
A close above the $0.585 level might start a strong increase towards the $0.62 level. Any more gains might send the price towards the $0.65 resistance zone in the coming sessions.
Overall, ocean protocol token price is showing a lot of bullish signs above the $0.50 level. If the bulls remain active above $0.50, there could be more upsides above $0.60. Conversely, the price might decline towards the $0.45 support zone in the near term.
