The general upswing in the cryptocurrency market over the past 24 hours has seen a double-digit recovery in OCEAN Coin ‘s price. The price has returned to levels last seen on April 20. But what’s behind this surge, and can this popular altcoin continue its rally? Let’s follow OCEAN Coin’s trajectory in light of current data.
OCEAN Coin Analysis
Early yesterday morning, we observed the price of OCEAN Coin quickly jumping from $0.345 to $0.3554. Beyond the general increase in Bitcoin’s price, the motivation for OCEAN Coin investors comes from its exchange listing. Volume climbed to $100 million, which, these days, is as significant as the price increase itself. Investors in markets dominated by shallow liquidity are focusing more on assets where the volume is concentrated.
Today, the price, peaking at $0.4078, lost its upward momentum due to the impact of Bitcoin sales. At the time of writing, the altcoin, which found buyers at $0.3657, could maintain its upward trend as long as it stays above its 200-day moving average ($0.3462).
Should You Buy OCEAN Coin?
Throughout May, we saw the price of Ocean Coin generally fluctuate between $0.3 and $0.34. With the breaking of the $0.3455 barrier, the upward trend started. Investors can likely expect the price to retest this region. Uncertainty brought about by data due to arrive on Thursday and Friday will likely push investors to take profits.
Movements between the marked $0.345 and $0.383 range in the chart continue to provide motivation for an upward trend. It is probable for investors to see more upward movement with 4-hour closes above $0.383. In this scenario, after peaks of $0.4 and $0.4287, $0.45 can be targeted as the final high point.
On the other hand, the price holding in the marked area would suggest to me that the decline starting on April 18 is now over.
For investors, the most reasonable scenario might be to monitor whether the current decline continues down to the $0.345 area and position themselves based on the response from this level. The current price does not yet instill confidence in me regarding its direction.
In a negative scenario, $0.3472 and $0.316 could be tested, followed by a dip to $0.305. Investors may see the price depreciate faster than expected in potential oversales, given the coin has experienced a 300% increase since its November 2022 low.
