Here’s How Ocean Protocol Price Could Surge by 75%

Crypto News- The Ocean Protocol (OCEAN) price has been under a descending resistance line for an impressive 896 days. However, recent daily price action and RSI indicators suggest the potential for a breakout, which could lead to a substantial price increase.

Here’s How Ocean Protocol Price Could Surge by 75%

OCEAN’s price has been in a downtrend since hitting an all-time high of $1.94 in April 2021, with the descending resistance line confirmed six times (indicated by red icons), most recently on July 17, maintaining its grip for an impressive 896 days.

After the most recent rejection, OCEAN’s price found support at the $0.25 level and rebounded, forming a long lower wick (indicated by a green icon), typically indicating strong buying interest.

The $0.25 level is crucial, having alternated between support and resistance since April 2022. Whether OCEAN breaks below $0.25 or breaks out above the descending resistance line will determine the coin’s future direction. The weekly RSI reading is somewhat uncertain, but the daily timeframe paints a decisively bullish picture.

The price has been moving within a descending parallel channel since its yearly high on February 7, typically containing corrective movements and hinting at an eventual breakout. The proximity of the price to the channel’s upper boundary increases the likelihood of a breakout.

Additionally, the wave count analysis aligns with Elliott Wave theory, indicating a bullish trend. Two distinct corrective patterns (indicated in black) have moved downward this year, but there have also been two five-wave increases (indicated in white), suggesting a bullish trend with corrections following previous gains.

Finally, the daily RSI is trending upward and is above 50 (indicated by a green icon), signaling a bullish trend for the cryptocurrency. As a result, the most likely OCEAN price projection is a breakout from the channel, potentially resulting in a 75% surge to $0.55.

However, a rejection at the channel’s resistance line could trigger a 37% decline, possibly reaching the support line at $0.21.