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Here’s why Ocean Protocol price has just gone vertical

source-logo  invezz.com 20 November 2023 13:08, UTC

Ocean Protocol price continued its bullish momentum on Monday as the cryptocurrency rally gained steam. The token soared to a high of $0.5090, its highest point since February. It has soared by over 110% from the lowest level this year, giving it a market cap of over $216 million. Most importantly, OCEAN is in its fifth consecutive week of gains.

Ocean Protocol is a blockchain project in the fast-growing data industry. Its goal is to help developers build applications and for people to earn by staking and data farming. Its technology unlocks data through non-fungible tokens (NFT), data tokens, and compute-to-data.

Ocean Protocol price has rallied for several reasons. First, OCEAN price surged because of the broader performance of cryptocurrencies. Most coins, including large ones like Bitcoin, Solana, Polkadot, and Tron have all jumped this year.

As a result, the fear and greed index has risen to the green zone of 74. Most cryptocurrencies tend to rally when there is greed in the market.

Second, OCEAN price has surged because of the overall demand for artificial intelligence (AI) tokens. While Ocean Protocol is not directly in the AI industry, most investors believe that its data aspect is useful in the sector.

Most AI tokens like Fetch AI (FET) and SingularityNET (AGIX) soared by double-digits after Microsoft hired Sam Altman as its AI lead. Altman is the co-founder of OpenAI, the parent company of ChatGPT and was fired last Friday by the company. OpenAI replaced him with Emmett Shear, the former CEO of Twitch.

We remain committed to our partnership with OpenAI and have confidence in our product roadmap, our ability to continue to innovate with everything we announced at Microsoft Ignite, and in continuing to support our customers and partners. We look forward to getting to know Emmett…

— Satya Nadella (@satyanadella) November 20, 2023

Ocean Protocol price jumped after the end of DF62 and the launch of DF63. DF63 is a competition that will run until November 23. Winners will receive 150k OCEAN and 150K ROSE tokens. This competition has been quite successful as it nears its end with DF65.

Ocean Protocol price

OCEAN chart by TradingView

The daily chart shows that the OCEAN price has made a bullish breakout recently. This breakout happened after the token formed an inverted head and shoulders pattern, which is one of the most bullish signs. It has even retested the neckline of this pattern.

OCEAN token has surged above the 50-day and 200-day Exponential Moving Averages (EMA). The two have formed a golden cross pattern, which is a bullish sign. Therefore, the outlook for the token is bullish, with the next level to watch being at $0.5771, the highest point on February 7th. This price is about 16.6% above the current level.

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