Ocean Protocol

2024

<ul class="list-ic vertical">
 <li>1 <a>OCEAN price trades amid the 100 and 200-day EMA mark.</a></li>
 <li>2 <a>Trading volume significantly dropped over the past few sessions.</a></li>
</ul>
The Ocean Protocol (OCEAN) glimpsed a symmetrical triangle pattern and is ready for an up move. However, bulls need to cross the prompt trendline hurdle of $1, which might lead to a sharp surge.
Meanwhile, sellers have made a strong grip near the round mark of $1 and decisively secured the zone. However, the sentiments have flipped, and a rebound from the 200-day EMA was noted in the last sessions.
At press time, OCEAN traded at $0.9317 with an intraday drop of 1.10%, reflecting neutrality on the charts. It has a monthly return ratio of -13.20% and 171.89% yearly.
The pair of OCEAN/BTC is at 0.0000152 BTC, and the market cap is $1.65 Billion. Analysts are neutral and suggest that the OCEAN price may see a pullback ahead and will gain momentum in the upcoming sessions.
<h2 class="wp-block-heading" id="strong-1-mark-reachable-price-action-outlook-strong">$1 Mark Reachable? Price Action Outlook</h2>
The Ocean Protocol charts articulate that the upward trendline and the 200-day EMA provide downside support, which may not be breached further. On the higher side, the $1 mark is the challenge for the bulls to cross. <iframe loading="lazy" title="Santiment Chart: Price (OCEAN), Volume (OCEAN)" width="1170" height="425" src="https://embed.santiment.net/chart?ps=ocean-protocol&amp;pt=OCEAN&amp;df=2023-11-12T18%3A29%3A59.275Z&amp;dt=2024-05-12T18%3A29%3A59.275Z&amp;emcg=1&amp;emhwm=1&amp;wm=price_usd%3Bvolume_usd&amp;wax=0%3B1&amp;wc=%2326C953%3B%23D2D6E7&amp;ws=%7B%22interval%22%3A%221d%22%7D%3B%7B%22interval%22%3A%221d%22%2C%22node%22%3A%22line%22%7D" scrolling="no"></iframe>
Source: Santiment&nbsp;
This month, the price action hints at the buyer accumulation and recovery from the 200-day EMA, which may be the beginning of the upcoming rally. However, the trading volume remained flat, noted at $4.14 Million.
The Relative Strength Index (RSI) revisited the midline region, and a positive crossover was witnessed.
<h3 class="wp-block-heading" id="strong-will-development-activity-favor-the-ocean-protocol-price-strong">Will Development Activity Favor The Ocean Protocol Price</h3>
In a recent tweet, Ocean Protocol announced that it is hosting a challenge named “Github Developers Dynamics Data Challenge” starting from May 9 to May 28. This competition has a prize pool of $10k. In this competition, developers will interact with each other and use the<a href="https://www.thecoinrepublic.com/2024/03/23/chainlink-surpassed-cardano-secured-top-rank-as-dev-platform/" target="_blank" rel="noopener noreferrer nofollow"> GitHub data for crypto projects</a>.
<center>
 <blockquote class="twitter-tweet">
 Data Wizards, it's on! <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f680.png" alt="🚀" class="wp-smiley" style="height: 1em; max-height: 1em;"> The "GitHub Developer Dynamics" <a href="https://twitter.com/hashtag/DataChallenge?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#DataChallenge</a> starts today. Use <a href="https://twitter.com/hashtag/GitHub?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#GitHub</a> data to analyze developer interactions and their impact on project crypto tokens. <a href="https://twitter.com/hashtag/AI?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#AI</a> Compete for the $10K prize pool! <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f4b0.png" alt="💰" class="wp-smiley" style="height: 1em; max-height: 1em;"> <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f5d3.png" alt="🗓" class="wp-smiley" style="height: 1em; max-height: 1em;"> May 9 – May 28 Join here: <a href="https://t.co/SUIH0v2ElA" rel="noopener noreferrer nofollow">https://t.co/SUIH0v2ElA</a> <a href="https://t.co/7N4akJ9VZD" rel="noopener noreferrer nofollow">pic.twitter.com/7N4akJ9VZD</a>— Ocean Protocol (@oceanprotocol) <a href="https://twitter.com/oceanprotocol/status/1788487320108196038?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">May 9, 2024</a>
 </blockquote>
 <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</center>
Source: X
This activity has showcased a surge in the development activity data; a surge of over 120% in the last month was noted. <iframe loading="lazy" title="Santiment Chart: Social Dominance (OCEAN), Development Activity (OCEAN)" width="1170" height="425" src="https://embed.santiment.net/chart?ps=ocean-protocol&amp;pt=OCEAN&amp;df=2023-11-12T18%3A29%3A59.275Z&amp;dt=2024-05-12T18%3A29%3A59.275Z&amp;emcg=1&amp;emhwm=1&amp;wm=social_dominance_total%3Bdev_activity&amp;wax=0%3B1&amp;wc=%23FF5B5B%3B%238358FF&amp;ws=%7B%22interval%22%3A%221d%22%7D%3B%7B%22transform%22%3A%7B%22type%22%3A%22moving_average%22%2C%22movingAverageBase%22%3A42%7D%7D" scrolling="no"></iframe>
Source: Santiment
The immediate support levels for OCEAN are $0.9000 and $0.8900, whereas the key upside hurdle is around $1, followed by $1.25
<h3 class="wp-block-heading" id="strong-conclusion-strong">Conclusion</h3>
OCEAN showcased signs of buyer accumulation and may attain pace soon. Recent developments highlight the fresh investor interest in the OCEAN crypto, which will soon give it an advantage.
<h4 class="wp-block-heading">Disclaimer</h4>
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice.&nbsp;

Ocean Protocol (OCEAN) Looking For A Comeback: Can Bulls Succeed?

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