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- Ocean Protocol price has exploded over 100% since the onset of February prior to a rejection.
- OCEAN could drop 8% to provide another buying opportunity before retaking the $0.8041 range high.
- The bullish thesis will be invalidated if the crypto data token breaks and closes below $0.5963.
Ocean Protocol (OCEAN) price has soared in February, rallying alongside its peers in the AI crypto sector. The frenzy has been driven by Nvidia earnings euphoria as well as broader market optimism.
Also Read: AIT, GRT, OCEAN: Crypto data coins see massive rally alongside Bitcoin and AI tokens
Ocean Protocol price to provide a buy opportunity
Measured from a market range between $0.3895 and $0.8031, Ocean Protocol price is trading below the 78.6% Fibonacci level, which provides immediate resistance at $0.7061. However, the Relative Strength Index (RSI) shows OCEAN is overbought and could soon be ripe for selling as the momentum indicator is southbound.
If the trajectory of the RSI continues, effectively suggesting falling momentum, Ocean Protocol price could fall around 8% to the most critical Fibonacci level of 61.8% at $0.6451. Such a move would provide sideline investors an easy entry point before OCEAN price resumes its intermediate trend.
OCEAN/USDT 1-day chart
On the flip side, with the bulls still maintaining a strong presence in the OCEAN market, the Ocean Protocol price could extend north, flipping the 78.6% Fibonacci into support and using it as the jumping-off point to retake the $0.8031 range high. A break and close above this level, effectively signifying a higher high, would invalidate the bearish thesis.
The large volumes of green histogram bars on the Moving Average Convergence Divergence (MACD) and the Awesome Oscillator (AO) indicators in positive territory support the case for the bulls. This is underscored by the position of the MACD above the signal line (orange band) hinting at a possible new bullish cycle underway.