Ocean Protocol

Rekt

Coin

<p>In his latest <a href="https://x.com/rektcapital/status/1778780741335224701" target="_blank" rel="noopener noreferrer nofollow">newsletter</a>, top crypto analyst Rekt Capital has shared insightful analysis on two altcoins, Ocean Protocol (OCEAN) and Near Protocol (NEAR), highlighting their potential for significant growth.</p>
<h2 class="wp-block-heading" id="strong-ocean-protocol-ocean-poised-for-a-macro-uptrend-strong"><strong>Ocean Protocol (OCEAN) Poised for a Macro Uptrend</strong></h2>
<p>According to Rekt Capital, OCEAN has been on a phenomenal run over the past couple of months. It has convincingly broken its final Macro Downtrend, positioning itself for a new Macro Uptrend. Rekt Capital explains the three-step process typically observed after such a breakout:</p>
<ul>
 <li>A candle close above key resistance, which OCEAN has achieved with its Monthly Candle Closed above the Macro Downtrend.</li>
 <li>A pullback for a retest of old resistance into new support, potentially at the Macro Downtrend level, presenting an opportunity for bargain-buyers.</li>
 <li>Trend continuation upon a successful retest.</li>
</ul>
<p>However, Rekt Capital notes that not all altcoins necessarily require a deep retracement to the Macro Downtrend level. Nonetheless, if OCEAN does experience such a retest, it would be a textbook scenario.</p>
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</figure>
<p>On the Weekly timeframe, OCEAN is potentially forming a Double Top pattern at highs. If OCEAN forms another downside wick below the base of the pattern this week, it would stave off a breakdown. Conversely, a Weekly Close below the base of the Double Top could kickstart the breakdown process, potentially leading to the Macro Downtrend retest.</p>
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<h2 class="wp-block-heading" id="strong-near-protocol-near-revisits-macro-downtrend-strong"><strong>Near Protocol (NEAR) Revisits Macro Downtrend</strong></h2>
<p>Rekt Capital highlights that Near Protocol has revisited its Macro Downtrend for the first time since early 2022. Currently, NEAR is rejecting from this level but holding the $5.97 level as support, which previously acted as resistance.</p>
<figure class="wp-block-image"><img loading="lazy" decoding="async" width="1600" height="1072" src="https://captainaltcoin.com/wp-content/uploads/2024/04/image-658.png" alt="" class="wp-image-474021" srcset="https://captainaltcoin.com/wp-content/uploads/2024/04/image-658.png 1600w, https://captainaltcoin.com/wp-content/uploads/2024/04/image-658-300x201.png 300w, https://captainaltcoin.com/wp-content/uploads/2024/04/image-658-1024x686.png 1024w, https://captainaltcoin.com/wp-content/uploads/2024/04/image-658-767x514.png 767w, https://captainaltcoin.com/wp-content/uploads/2024/04/image-658-1536x1029.png 1536w, https://captainaltcoin.com/wp-content/uploads/2024/04/image-658-2048x1372.png 2048w, https://captainaltcoin.com/wp-content/uploads/2024/04/image-658-224x150.png 224w, https://captainaltcoin.com/wp-content/uploads/2024/04/image-658-100x67.png 100w, https://captainaltcoin.com/wp-content/uploads/2024/04/image-658-522x350.png 522w, https://captainaltcoin.com/wp-content/uploads/2024/04/image-658-788x527.png 788w" sizes="(max-width: 1600px) 100vw, 1600px">
</figure>
<p>While NEAR is expected to break this Macro Downtrend with time, the question remains: how low could it dip before doing so? If the current retest at these levels remains successful, NEAR may not have to dip much to break the Macro Downtrend.</p>
<p>However, losing the $5.97 support level could signal a potential breakdown into a consolidation range, where NEAR would find a local bottom. Notably, NEAR has not shown any signs of breaking down and following a bearish path, as the retest has been successful thus far.</p>
<p>Moreover, if the retest continues to be successful, enabling a Monthly Close above the Macro Downtrend, the dip would be over, and NEAR could potentially retest the Macro Downtrend before embarking on another uptrend.</p>
<p>Rekt Capital’s analysis provides valuable insights into the technical landscape of OCEAN and NEAR, highlighting their potential for growth and the key levels to watch for in the coming weeks.</p>
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<p>The post <a href="https://captainaltcoin.com/crypto-analyst-highlights-bullish-potential-of-ocean-protocol-ocean-and-near-protocol-near-heres-his-outlook/" rel="noopener noreferrer nofollow">Crypto Analyst Highlights Bullish Potential of Ocean Protocol (OCEAN) and Near Protocol (NEAR) – Here’s His Outlook</a> appeared first on <a href="https://captainaltcoin.com" rel="noopener noreferrer nofollow">CaptainAltcoin</a>.</p>

Crypto Analyst Highlights Bullish Potential of Ocean Protocol (OCEAN) and Near Protocol (NEAR) – Here’s His Outlook

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