Ocean Protocol (OCEAN) price has been performing well since last week. After a 9.68% surge last week, the OCEAN crypto price is currently attempting to break out of the downtrend. The latest analysis reveals that the price may tank another 20% if it fails to break out soon.
On Wednesday, cryptocurrencies turned red as the Bitcoin price fell below 27,000. The sliding BTC price triggered a sell-off in Ocean Protocol, and the OCEAN price plummeted by 4.22%. However, on the weekly timeframe, the cryptocurrency is still up 2.71%.
Ocean Protocol Introduces Showcases
According to the most recent Ocean Protocol news, the project has introduced Showcases. As per the official announcement on Twitter, Ocean Showcases, together with the Ocean Templates, will act as a gateway to explore the vast potential of OCEAN crypto.
This development could be the reason behind the recent surge in Ocean Protocol price. The latest updates include a decentralized marketplace, a learning platform (Ocean Learn), eBooks platform (Ocean Reads), and an eCommerce platform (WebPalette).
Ocean Protocol Price May Retest $0.30 Soon
The latest analysis of the OCEAN crypto price chart shows that it is attempting to break out of the trendline. There also appears to be a formation of the descending triangle pattern. A breakout from this pattern will make Ocean Protocol price prediction very bullish.
However, considering the current market conditions, OCEAN may retest the $0.30 support once again in case of rejection from the trendline. This means a potential 20% downside from the current price. The catalyst for such a bearish move can be a major drop in the price of Bitcoin. The RSI and MFI are also pointing towards this bearish move due to divergences.
In the meantime, I’ll keep posting my updated OCEAN analysis in my free Telegram group, which you’re welcome to join.
