Ocean Protocol (OCEAN) Trend Reverses Mid-Air Between Two Technical Levels

Price action in the Ocean Protocol daily market has jerked back to life after dipping between the $0.5000 and $0.4000 price levels. This saw the price of the token increase by 8.87%. The behavior of price action suggests that the market hasn’t come under pressure from headwinds.

OCEAN Statistics:
Current Ocean Protocol Value: $0.6752
OCEAN Market Cap: $383,763,002
Ocean Protocol Circulating Supply: 568,381,103
OCEAN Total Supply: 1,408,900,141
Ocean Protocol CoinMarketCap Rank: 151

Key Price Levels:
Resistance: $0.7000, $0.8000, and $0.9000
Support: $0.6000, $0.5000, and $0.4000

Ocean Protocol Sees a Moderate Upside Correction

Price activity in the Ocean Protocol daily market has reversed its trend since it hit the price level near $0.4500. Today’s session has continued the trend, as the corresponding price candle appeared with moderate body size and lacked upper and lower shadows. Meanwhile, it should be noticed that price action still lies below the Exponential Moving Average (EMA) curves with the seen upside correction.

Nevertheless, this market  has risen past the 78.60 Fibonacci Retracement level. Consequently, the Moving Average Convergence Divergence (MACD) indicator lines are now below the equilibrium level and are converging to deliver a bullish crossover. Considering that price activity is still comfortably propelled by upside forces and seems to be under no downward pressure, traders can still utilize bullish crypto signals since the market may head further upwards.

Bullish Consistency Displayed in the Ocean Protocol 4-Hour Market

While price action was still below the EMA lines on the daily chart, the OCEAN 4-hour market shows price action already crossing above the 20- and 50-day EMA lines. Yet, the current session appears to possess more momentum than the previous one. At this point, price action is about to hit the $0.7000 mark.

Meanwhile, the MACD indicator lines can be seen preparing to rise out of the sub-equilibrium level. The bars of the MACD can now be seen appearing solid green above the equilibrium level while getting progressively taller. Therefore, technical indicators are aligned to suggest that upside forces are still dominant and may propel the market toward the $0.7500 mark at the very least.

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