Ocean Protocol’s digital token, OCEAN, has recently caught the attention of many cryptocurrency analysts and investors alike. As the renowned crypto trader and analyst Rekt Capital illustrates, the coin is on the brink of a promising surge. According to the analyst, the currency moves significantly beyond the channel top. This development could confirm a breakout if solidified by a weekly close above the channel top.
$OCEAN / USDT – #ocean #oceanprotocol
— Rekt Capital (@rektcapital) October 26, 2023
Breaking beyond the Channel Top as we speak
A Weekly Close beyond the Channel Top followed by a successful retest of it as new support would confirm a breakout#BTC #Crypto #Bitcoin https://t.co/UIxrEkdLpc pic.twitter.com/MJd3JKgmeo
Earlier in October, Rekt Capital noted the commendable rally of Ocean Protocol. Having successfully reclaimed its position from the channel bottom, the token rocketed right to the top. With its eyes set on breaking out from the channel confines, the token seeks to establish the channel top as a newfound support. Achieving this could pave the way for further uptrends.
Further analysis provides an insightful visualization of Ocean Protocol’s journey. Technical indicators underscore the potential breakout from the channel and the necessary confirmation by reclaiming the channel top.
The oscillations between the channel bottom and top highlight the coin’s volatile yet progressive nature. Such a pattern is often seen as an indicator of an impending significant move, provided the necessary conditions, such as trading volume and market sentiment, align in favor.
Ocean Protocol has held its own in the tumultuous world of cryptocurrencies, with a current trading price of approximately $0.335379. Over the past 24 hours, the coin has grown 3.42%, further strengthening its position. Ocean Protocol is 147 on CoinMarketCap, boasting a live market cap nearing $190.6 million. With a circulating supply of over 568 million OCEAN coins, its potential is evident, given its max supply limit of 1.41 billion OCEAN coins.
The future seems bright for Ocean Protocol, especially with its impending breakout from the channel. While the crypto market is inherently unpredictable, informed insights and analytical observations can guide potential investors. With Ocean Protocol’s current trajectory, keeping a close eye on its movements might be prudent for those looking to diversify their crypto portfolio.
