On August 26th we predicted a correction in the overall crypto market, including Ocean. Let’s see what happened afterwards!
The Ocean Protocol price reached $0.694 on August 18th, equivalent to a market capitalization of $245 Million. Currently, Ocean’s market capitalization lies around $141 Million.
ICO investors more than tripled their money!
As a reminder: Ocean protocol is a Singapore based blockchain, whose “mission is to free data from silos and empower people by equalizing data access for all. By allowing algorithms to come to data, we’re enabling the safe and secure sharing of data across all parties.” – Ocean Protocol Blog
“Hartmut Mueller, Vice President IT Technology & Cross Functions, Daimler AG, added, “We believe in the power of Blockchain to unlock the value of data in a decentralized way. On our journey towards a data driven company this collaboration with Ocean protocol enables us to build a secure enterprise B2B data marketplace to monetize and put data to work.””
Ocean Protocol Price Forecast – Strong rejection at the golden ratio!
After Ocean Protocol reached its high on August the 18th at $0.69, it fell back to the horizontal support between $0.4712 – $0.5312, which was followed by a price increase of 43%! After this however, Ocean’s price formed a lower high and broke through the horizontal support, falling all the way down to the golden ratio at $0.28. Subsequently the Ocean price closed above the golden ratio at $0.33 for two days in a row, but so far has failed at the 50-Daily-EMA resistance.Widerstand. Should this resistance hold steady, the Ocean Protocol price could bearishly fall through the golden ratio support between $0.28 – $0.33.
Considering the recent bullish development of the MACD, the Ocean Protocol price could rise to the 0.382 Fib resistance at ±$0.49, as far as the 50-Daily-EMA at ±$0,4 is broken.
Ocean Protocol Price Forecast – 39% upward correction!
It becomes apparent in the weekly chart, how fantastically the Ocean price fell to the golden ratio at ±$0.28, only to close slightly above the 0.382 Fib level at ±$0.38. This is equivalent to a price increase of 39%! Although this is to be seen bullish, the current week has continued the downtrend in bearish fashion. After all, the support at the 0.382 Fib level at ±$0.38 doesn’t seem to have held so far.
It might soon come to a bearish crossover of the MACD lines in the weekly chart.
Ocean Protocol Price Forecast – After a 1,076% price increase…
After a staggering 1,076% price increase in two months, a drop of 53% followed within only a single week! Now it is important to observe which support levels can hold successfully.
Ocean Protocol Price Forecast – Perfect bounce at the golden ratio!
The Ocean Protocol price perfectly bounced off the golden ratio resistance at ±0.000028 BTC, followed by a rise to the 0.382 Fib level at ±0.0000409 BTC. This is equivalent to a price increase of about 45%.
The MACD histogram against Bitcoin is already ticking higher, although it does currently look like the Ocean Protocol price is failing to break through the 0.382 Fib resistance at ±0.0000409 BTC. The Ocean Protocol price could once more return to the golden ratio at ±0.000028 BTC, and should this level be broken bearishly, the Ocean Protocol price could pull back to the support at 0.00002020 BTC.
Best Regards and successful trades
Konstantin
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