Ocean Protocol (OCEAN) can be dubbed a wonder token of this summer since it has had an astonishing burst to the upside that took the price from $0.18, seen amid the flash crash in March, to the all-time high at $0.74 in little over 160 days over the course of an almost uninterrupted bull rally.
What's also interesting about OCEAN is that the rally wasn't caused by its relation to the DeFi sector that has been booming simultaneously with the altcoin under review.
The team behind Ocean Protocol is preoccupied with creating the so-called New Data Economy where all user data is stored, shared, or sold in a secured environment, ensured by blockchain. Developers can use this platform to build marketplaces for data, along with decentralized applications.
As of writing, OCEAN is priced at $0.37, following the 7% price reduction in the last 24 hours. Its market capitalization now stands at $131 million, down from $235 million at the top of the rally, which places the token in 79th place in global cryptocurrency rankings, a good achievement for the previously unremarkable altcoin.
OCEAN all-time chart
Those foresighted enough to buy OCEAN in March, or even much earlier, were jubilant to see the altcoin making gains of 1,073% against USD in the past twelve months, outperforming Bitcoin by 792% and Ethereum by 461% along the way. Obviously, such an aggressive rally couldn't have lasted forever as it snapped at the all-time high and let the correction set in. The correction has eaten away 50% of OCEAN's peak value, and it remains to be determined where its bottom could lie.
Right now, the critical price level lies at $0.3, which is a support level that was distinguished on the weekly time frame.
1-week OCEAN/USDT chart
Obviously, the buyers are breaking their necks trying to hold the sellers from pushing the price underneath that support, which could result in a complete U-turn and evaporation of all those remarkable gains made in the last couple of months.
However, should OCEAN successfully withstands the selling pressure and bounce to the upside, we expect it to travel above $0.8 in search of a new ATH.
|#||Crypto||Prediction||Accuracy||CVIX||Price||24h||7d||Market Cap||7d price change|
|1||BTC||Bitcoin predictions||85.2%||16||$41 764.91||5.09%||13.02%||$816 958 395 709|
|2||ETH||Ethereum predictions||85.6%||27||$2 240.87||3.51%||10.77%||$269 426 417 504|
|3||USDT||Tether predictions||92.4%||1||$1.000313||0.07%||-0.01%||$89 675 673 586|
|4||BNB||Binance Coin predictions||82.4%||26||$229.17||0.60%||1.05%||$34 763 991 649|
|5||XRP||XRP predictions||84%||30||$0.619766||-0.92%||2.75%||$33 398 300 450|
|6||SOL||Solana predictions||65.6%||67||$60.67||-4.53%||10.73%||$25 742 190 451|
|7||USDC||USD Coin predictions||94.4%||1||$1.000035||0.07%||0%||$24 494 870 773|
|8||ADA||Cardano predictions||82%||28||$0.403625||2.85%||6.39%||$14 252 090 575|
|9||DOGE||Dogecoin predictions||78.4%||39||$0.087436||3.51%||10.95%||$12 424 241 380|
|10||STETH||Lido stETH predictions||94%||1||$2 941.39||-0.40%||-3.32%||$10 258 752 564|
|11||WTRX||Wrapped TRON predictions||84.4%||21||$0.103747||0.72%||-0.49%||$9 183 042 426|
|12||TRX||TRON predictions||83.6%||19||$0.103194||0.17%||-1.13%||$9 134 153 771|
|13||LINK||Chainlink predictions||74.8%||43||$15.69||-1.55%||10.01%||$8 738 451 664|
|14||TON||Toncoin predictions||84%||22||$2.38||-1.53%||-0.88%||$8 172 177 871|
|15||AVAX||Avalanche predictions||56.8%||87||$21.69||-1.13%||5.69%||$7 920 434 235|
Get cryptocurrency price predictions, forecasts with analysis and news right to your inbox.
© 2015-2023 Crypto-Rating.com
The usage of this website constitutes acceptance of the following legal information. Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website, including information about the cryptocurrencies and bitcoin is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Crypto Rating shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about cryptocurrencies. The entire responsibility for the contents rests with the authors. Reprint of the materials is available only with the permission of the editorial staff.