Cryptocurrency analysts name an artificial intelligence token that could grow by 75%

Crypto market experts note: The Ocean Protocol (OCEAN) AI token has been trading under a long-term downward resistance line for 896 days. The price dynamics and RSI signals on the daily timeframe indicate that a bullish breakout of this line will lead to a significant increase in the OCEAN rate.

The weekly technical chart shows that in April 2021, the OCEAN protocol token hit an all-time high of $ 1.94 and has been declining along a long-term descending resistance line since then. This line has already been tested for strength six times (red marks), the last time it happened on July 17.

After the pullback, OCEAN fell to the horizontal support area at $ 0.25, from where it began to rebound, forming a long lower wick (green icon). Such a wick is considered a sign of pressure from buyers.

The $ 0.25 area is important because since April 2022, it has alternately acted as resistance and support for the AI token. Therefore, the direction of the future trend will depend on whether its price makes a bearish breakout or breaks through the downward resistance line.

Analysts note that the weekly RSI gives unclear signals. The price momentum indicator started to rise, but is now trading right around the 50 mark. This is a sign of a neutral trend. While the weekly chart does not show a trend, the daily timeframe is considered bullish.

Price dynamics show that the decline from the annual high on February 7 is taking place within a downward parallel channel. This is a technical pattern within which corrective movements usually occur, which means that the price should eventually make a bullish breakout. The fact that OCEAN is trading at the top of the channel makes a breakout more likely.

The most likely forecast is a bullish breakout of OCEAN and a 75% rise in the token to $ 0.55. However, a rebound from the channel’s resistance line could lead to a 37% drop to the support line at $ 0.21.

At the time of writing, OCEAN is trading at $ 0.3258 with a market capitalization of $ 199.76 million. Traders have made daily trading deals worth $ 17.5 million.