Ocean Protocol has been relatively stable in the past 48 hours, losing a lot of volatility and getting ready for a massive breakout. Bulls are facing one critical resistance level before a potential 6% breakout.
Ocean Protocol price sits in a no-trade zone
On the 30-minutes chart, OCEAN has established a parallel channel. The upper boundary at $0.478 is the most critical resistance level in the short-term. A breakout above this point can quickly drive Ocean Protocol price towards $0.51.
OCEAN/USD 30-minutes chart
According to statistics provided by Santiment, there has been a massive spike in idle tokens exchanging hands, which suggests a breakout or breakdown is nearby.
Considering OCEAN is relatively close to the upper trendline of the parallel channel, a bullish breakout seems more likely.
OCEAN Age Consumed chart
However, in the past week, spikes in idle tokens moving represented local tops which means Ocean Protocol price could get rejected from the upper boundary of the parallel channel and drop towards the lower trendline at $0.445.
Reprinted from FX Street. The copyright is reserved by the original author.
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