- Ocean Protocol price is down by 44% since its peak on November 11 at $0.62.
- The digital asset is losing a lot of traction against Bitcoin in the past few months.
Although Ocean Protocol has been one of the fastest rising cryptocurrencies in the market from a low of $0.023 in March to its all-time high at $0.65 on August 16, reaching a market capitalization of $230 million.
Ocean Protocol price needs to defend this critical support level
When it comes to Ocean’s performance against Bitcoin, the digital asset hasn’t done too well, although it started strongly. After its peak on August 18, OCEAN has dropped significantly against Bitcoin and around $70 million in market capitalization.
OCEAN/BTC daily chart
However, Ocean Protocol is trading just above a crucial support level on the OCEAN/BTC chart at 2043 satoshis. This level was tested in the past several times and could be a potential opportunity for aggressive bulls to buy the digital asset expecting a rebound.
OCEAN/BTC 12-hour chart
On the 12-hour chart, the TD Sequential indicator is on the verge of presenting a buy signal which should materialize in the next five hours. The next potential price target would be the 50-SMA at 2,660 satoshis.
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