Market & Ticker: OCEAN PROTOCOL - OCEAN/USDT
Date: 07/02/2023
Horizon / Timing: Mid-term / 1 to 3 months
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Ocean is still showing an extremely high bullish momentum after having reached the second target at 0,54 defined in our previous analysis. We adjusted the key tactical support to watch to stay bullish and the next target to watch.
Scenario:
At the current level, we expect a further bullish move toward 0,80 in extensions (+50%) before a further extension towards 1,90 (+250%) as long as 0,32 remains a valid tactical support in Daily close.
Technical Key Elements:
- The long-term trend analysis shows potential towards 1,90 (+250%) before 4,20 (+700%) as long as 0,0390 (-92%) Strategic support remains valid in weekly close.
- The RSI indicator is progressing in overbought area without divergence
- The Moving average crossed to the upside: Double “Golden” Cross
- The Fibonacci key support is adjusted at 0,32 as tactical support while the Elliot wave shows upside potential towards 0,80 in wave (v)
| Trade Idea conclusion: Buy - Conviction: |  | | | (High) |
Target 2: 1,90 (+250%)
Target 1: 0,80 (+50%)
Buy: add in dip area 0,48/0,44
Stop: 0,32 (-40%)
Chart: Daily Basis (Candle Stick) - Logarithmic
Indicators: Exponential Moving Average (21/34/89) - RSI (21)
