OCEAN price has defied gravity in the past few days. While most cryptocurrencies have plunged, Ocean Protocol soared to the highest level since November 8. At its peak this week, the token was up by more than 95% from its lowest level in November. This rally has pushed its total market cap to more than $108 million.
Latest OCEAN news
Ocean price has been in a strong bullish trend in the past days. The most recent news is that the developers will host the second edition of Ocean Builders event on Wednesday this week. This is an important event that will see some of the builders in its ecosystem make presentations about the ecosystem.
There will be several presenters, including Datalatte, a dApp that makes it possible for people to earn data-backed income. It is powered by Artificial Intelligence and Non-Fungible Tokens (NFT).
Desights AI, a platform that is building a place to collaborate, socialize and crowdsource solutions to the toughest AI and machine learning solutions. Other companies that will present are Wait.id, and AlgoveraAI among others.
The other Ocean Protocol news is that the network is running a competition in collaboration with Filecoin. Users who submit their projects for the Storage Network Energy Consumption challenge will stand to win from a prize pool of $6 million.
What is Ocean Protocol?
Ocean Protocol is a leading blockchain project that seeks to leverage data science using blockchain technology. Its primary product is the Ocean Market, which is a decentralized market to publish, discover, and consume data.
Users can publish their data and sell them to potential customers. Some of the top data in the ecosystem are Bitcoin Historical Data, Ocean CEX Aggregator: ETH/USDT, and OCEAN/USDT trade history.
Ocean also owns veOCEA, a coin that lets users earn rewards by locking their token. These rewards come from the economic activities in Ocean’s protocol.
Ocean price forecast
The daily chart shows that OCEAN price has been in a slow recovery in the past few days. In this period, it has managed to move above the important resistance at $0.1480, where it struggled to move below a few months ago. Ocean has also moved slightly above the 25-day and 50-day moving averages while the Relative Strength Index (RSI) is nearing the overbought level.
Therefore, I suspect that the token will consolidate slightly below the resistance at $0.20. A drop below the support at $0.1480 will invalidate the bullish view.