Ocean Protocol (OCEAN) has shown significant resilience lately, as its value has increased considerably. According to data from CoinMarketCap, OCEAN has soared a staggering 49% over the past seven days, while its price has jumped almost 150% over the past month.
The statistical drawing above underlines the immersive momentum of Ocean Protocol and growing confidence in its potential and utility within the cryptocurrency market. Crypto analyst Rekt Capital recently drew attention to one event that unfolded in the $OCEAN/USDT pair: “emphasis on movements within the Ocean Protocol. OCEAN is up an impressive 258% post-breakout from a long-standing channel.”
Moreover, it is important to note that OCEAN is trying to break its multi-year macro downtrend, and if successful, this could establish a new macro uptrend for the asset. This possible change in direction implies a significant shift in market sentiment towards OCEAN that would indicate stronger investor confidence and the market’s wider adoption of Ocean Protocol.
OCEAN Price Analysis & Forecast
As of the current writing, Ocean exchanging hands is $1.040845, with a 24-hour trading volume amounting to $196.98 million and a market capitalization of $555.60 million. Notably, the price of OCEAN has increased by 8.18% within the last 24 hours.
Based on Changelly’s latest analysis, Ocean Protocol price should moderately grow by approximately 2.12% to $1.118865 by March 3rd, 2024. Various technical indicators and market sentiment analysis underpin this projection.
Changelly’s technical indicators suggest a very bullish sentiment with a confidence level of 91% that favors an increase in the price of Ocean Protocol. Additionally, the Fear & Greed Index,, an investor sentiment gauge,, has an extreme greed score of 80,whic, which signifies large optimism among traders.
Based on the past price changes of Ocean Protocol, especially during the early part of 2023, cryptocurrency experts predict that OCEAN will average around $1.34 by March 2024. This forecast covers possible price swings ranging from the lowest predicted figure standing at about $1.07 to a high of almost $1.60.
However, regarding potential return on investment (ROI), this projection indicates an impressive 60.9%, which is quite encouraging for those investors who have included Ocean Protocol in their portfolio.