Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice. Like many altcoins in recent months, the token of Ocean Protocol [OCEAN] also formed a range and has traded within it since June. Bitcoin [BTC] does not have a bullish narrative over the next few […]
does not have a bullish narrative over the next few weeks, although it could still make a move toward the $24k region.
On the 12-hour chart it can be seen that a bearish order block formed in May. This candle saw bearish subsequent trading sessions that broke the market structure and flipped it to bearish. In June, after breaking above this zone, OCEAN was able to close a session as high as $0.3. However, it quickly retraced all those gains to fall to the range lows.
On the other side, a demand zone was identified near $0.15 and highlighted by the cyan box. This demand zone also has confluence with the range low at $0.153. The Relative Strength Index slipped below neutral 50 to highlight bearish dominance in the past couple of days.
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