Ocean Protocol: Will OCEAN Price Break the YTD High in December?

• 1 Ocean Protocol price rose by 15% in November 2023.
• 2 This crypto price is attempting to break the $0.5000 hurdle for the sixth time.
• 3 OCEAN price is sustaining above the 50-day EMA showcase uptrend.

OCEAN price prediction suggests that the wide consolidation range might show an expansion in December. It is forming a mildly bullish pattern and buyers are trying their best to hold the recent gains.

Ocean Protocol price is sustaining above 50-day and the 200-day EMA showcases an uptrend. Moreover, the EMAs displayed a golden crossover which added fuel to the momentum and boosted the confidence of the investors.

At the beginning of November, the OCEAN price breakout of the $0.3500 hurdle triggered the positive sentient. Later, the price began to recover by forming higher high candles and rallied about 87% in a short span.

The recent rally is supported by a high volume so it increases the possibility of sustaining the higher levels.

In mid-November, buyers of the Ocean Protocol attempted to break out of the $0.5061 hurdle to hit a new swing high. But the attempt failed and the price still struggles near the supply zone.

If the Ocean Protocol price continues to consolidate for some more time near resistance, then sellers may step back and the price might show a breakout.

Does OCEAN Price Prepare to Hit New Swing High?

OCEAN price is in an uptrend and the volatility is also high. The buyers look more aggressive as compared to the sellers. So, any minor sell-off may get easily absorbed by the buyers.

Till the Ocean protocol price is sustained above the 200-day EMA, the buyers will remain active and the possibility of a $0.5000 breakout will be high.

However, if the price drops below the 200-day EMA, then bears might take control and pull it down to the yearly low. The analysis suggests that the OCEAN price is inside the bulls’ grip so it’s better to buy on dips.

What Does Price Action Say in Ocean Protocol?

Ocean Protocol price rose for four consecutive weeks and made an attempt to break the higher range of consolidation.

This breakout attempt looks powerful as compared to the other five attempts. However, the price is still consolidating near resistance and the confirmation of the breakout is awaited.

The price action says that the OCEAN price will consolidate for some time before deciding the further direction.

Conclusion

OCEAN price prediction suggests a rise in the long term and is likely to expand the consolidation range in an upward direction. The analysis suggests that the Ocean Protocol price is in the bulls’ grip and it might break the YTD high in December.

Technical Levels

• Resistance levels: $0.5000 and $0.5752
• Support levels: $0.3500 and $0.2500

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.