Analysis: OCEAN rises 250%, another tidal wave coming?

What analysis would you like to see? Every week we conduct a survey on our social media. Here you can vote for the next altcoin review. This week OCEAN came out victorious. Let’s look at the course.

AI coins are doing well

Since the launch in 2023 and the introduction of ChatGPT has caused a lot of hype about artificial intelligence (AI), so-called AI coins have also been on the rise. OCEAN is one of them. In yesterday’s analysis, we mentioned that The Graph – another AI coin – is already up 310% since January 1.

OCEAN shows similar percentages and is up 250% since the beginning of the year. Reason enough to take a closer look at this coin and see if there is still room for improvement.

Big picture

First, let’s look at the monthly chart. Each candle represents a month. This chart can tell us more about the price trend as it can show data from years ago.

When we look at this chart, we immediately see a large orange zone, which the price has reacted to more often in the past. This location has generated both support (end of 2020) and resistance (2022). Earlier this year, the price shot up 140% in January.

This increase caused the main resistance – located at the price of $0.26 – to be broken. This allowed OCEAN to continue rising to the price it is now trading.

There is also an orange line on the graph. This is where the monthly candle closes from March 2022. You often see that this green month candle close (before a decline) can build resistance. This means that OCEAN is likely to increase the price of this line by $0.63 again.

Confirmation of the Great Resistance

This suspicion is confirmed when we zoom in on the OCEAN map. To do this, we look at the daily chart, where each candle represents 24 hours. If we take this time frame instead of the monthly chart, there appears to be another resistance around the same price as the orange line.

The price has yet to touch this point, which is usually a sign that the price will come back here. Still, it’s good not to risk too much. A 250% profit in a month and a half without serious corrections can be risky. OCEAN can also fall in the lower orange area.

For a significantly more positive trend, the coin must break the orange line and thus the upper orange zone. In that case, another resistance would be around $1.28. Still, that scenario is far from my bed and it is wise not to risk too much with OCEAN now. Also remember to make some profit in between.

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