A new growth wave has been going on in the OCEAN market for 4 weeks now. The first buyers’ initiative, which began in July 2021, ended at around $0.97. In the weekly timeframe, we see that buyers have been trying to pass this mark for 4 weeks to continue the growth trend. However, as it turned out, the forces were not enough and the OCEAN price began correction with the final target of $0.58. Correcting the growth wave from July by 61.8%, sellers took the initiative in the OCEAN market at the end of September. And already now the armies of limit and market orders of buyers are again lined up near the walls of the critical mark of $0.97.
If we analyze the trading volumes, then during the new local growth wave they are less than during July. This fact does not mean that the growth trend of buyers will not be successful in the future. But, the probability of continuing consolidation in a wide range of $0.58-$0.97 increases. If buyers will be able to confidently break the range of $0.97 at high volumes, then there will be no doubt about the continuation of growth with the target of $1.6. And even the fact that the OCEAN price corrected for 3 weeks and the same segment went up for 4 weeks will not mean that buyers are weak.
It is worth noting that OCEAN buyers have been doing price growth during the aggressive BTC dominance growth. That is, the OCEAN market was able to carve out a share of volumes for itself, despite the fact that the vast majority of investors began to actively invest in BTC. Therefore, as soon as BTC starts consolidation or a smooth local correction, the chances of the beginning of an aggressive growth phase in the OCEAN market will increase as much as possible.
Technical Analysis of OCEAN on the Daily Time frame
Analyzing the daily timeframe, in addition to the low dynamics of OCEAN price growth, one can also notice a positive fact. As the price approaches the critical point of $0.97, trading volumes begin to grow. And daily candles at the same time look confident and inspire hope for breaking of a critical mark. Also, the movement of the OCEAN price from 29 September takes place in the purple growth channel.
To start a new local fall wave, sellers just need to break the $0.85 mark. In this case, the OCEAN price will fall to $0.75. From this point, buyers will have the last chance to continue their growth trend. Though, while the mark of $0.85 is under the control of buyers and the positive background of the crypto market still continues, the probability of breaking the mark of $0.97 and fixing the price above this mark is higher. In any case, to securely buy the OCEAN crypto, you should first wait for the price to be fixed above the mark of $0.97.
The OCEANBTC Price Kept Well on the Aggressive BTC Growth
OCEAN investors are also positive about OCEAN’s price movement. Of course, during the active phase of Bitcoin growth, the OCEANBTC price fell like all other cryptocurrencies. However, it is worth noting exactly how the fall took place. Local lows were updated, but the OCEANBTC price was moving in a global wedge, which is likely to shoot up globally. Therefore, the good support of the OCEANBTC market during the fall indicates a great interest of medium-term investors in this cryptocurrency.