OCEAN Moves Sideways Under 200-day MA, Fluctuates Wildly Over It

The bulls triumphed over the market and kept pushing Ocean Protocol (OCEAN) higher over the past seven days. OCEAN opened the market for the week, trading at $0.166. During the first couple of days, OCEAN fluctuated under the $0.17 range with constricted movement and tanked to the red zone, but the bulls came to OCEAN’s rescue at the right time.

Notably, when looking at the chart below, the bulls came for OCEAN’s help when it reached the red zone. During this short decline, OCEAN tanked to its lowest price, $0.1631, for the week. However, following this short decline, the bulls pushed OCEAN out of the red zone and helped it soar high.

OCEAN reached its maximum price of $0.2279 towards the end of the week. Currently, Ocean Protocol is up 7.74% in the last 24 hours and is trading at $0.2236.

OCEAN/USDT 7-day Trading Chart (Source: CoinMarketCap)

When considering the chart below, it could be seen that when OCEAN was trading below the 200-day MA, it was moving sideways. However, once it broke through the 200-day MA, there was volatility, and OCEAN fluctuated rapidly.

OCEAN/USDT 1h Trading Chart (Source: TradingView )

After OCEAN’s latest breakout of the 200-day MA, it rebounded on the 200-day MA and fluctuated with an increased amplitude. Notably, during its rallying after the breakout, OCEAN fell almost crashing below the 200-day MA twice. However, on both occasions, the bulls came to OCEAN’s rescue and prevent it from falling below the 200-day MA.

Currently, after experiencing an exponential spike, OCEAN has been deemed overbought, as the RSI indicator reads 71.61. Hence, the market could correct the prices and it could go down. This could give the opportunity for buyers to cash in.

If the buyers could chip in and keep the demand high for OCEAN, then the price of OCEAN could reach resistance 1 (≈$0.2650). However, if the bears take control of the market, OCEAN could tank to support 1 (≈$0.2045). Furthermore, if the bears keep on their hold, OCEAN may land on support 2 (≈0.150).

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