Ocean Protocol and DefiChain are at all time highs. What lies ahead?

Here’s the market analysis of Defichain and Ocean Protocol, the coins have been extremely bullish on their daily chart.

Ocean Protocol

Ocean Protocol aims to unlock data, for more equitable outcomes for users of data, using a thoughtful application of both technology and governance.

Currently trading at $1.2826, Ocean Protocol is up by 4.5%. The market structure of ocean today was extremely bullish owing to pressure from seller’s/investors side. It started the day at a low of $1.2319 levels. The coin then rallied up till $1.3107 levels during the day before making a reversal. The first support was at $1.2720 levels. The coin tested the first major resistance at $1.3121 levels. The intraday high was seen at $1.3870 levels. On the daily chart, the coin looked extremely bullish, however after reaching intraday high it was consolidating at lower levels. On the hourly chart, the coin is rallying downwards, it is most likely to break on the upside.

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Market indicators:

Hourly RSI: The hourly RSI is at 46 levels, indicating minor price strength in the short run. The coin was slightly in the oversold region.

Fibonacci Retracement levels:

23.6%: $1.2893, 38.2%: $1.3076, 61.6%: $1.3371

Major support level: $1.2637

Major resistance level: $1.3223

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Conclusion:

On the upside the prices may soon move above $1.3300 level, further rally upwards will lead to the first major resistance level at $1.3582 level to come in force. On the downside, a fall back below the level of 23.6% FIB level will test the first support level at $1.2597 level, any further downtrend will lead to test second major support level at $1.2500.

DefiChain

DefiChain is a blockchain dedicated to fast, intelligent and transparent decentralized financial services, accessible by everyone.

It is currently trading at $4.761 levels, up by 12.71%. Here’s the market structure of DefiChain:

It started the day at $4.190 levels. The market structure of Defichain currently is extremely bullish. On the daily chart, the coin consolidated in a bullish flag pattern. It tested the first major support at $4.420 levels and the second support at $4.588 levels. The coin tested the first resistance at $4.534 levels. The intraday high of the coin was seen at $4.865 levels and its intraday low was at $4.221 levels. In the smaller time frame, the coin was seen consolidating between $4.700 and $4.800 levels. On the hourly chart, the coin was seen making a bullish reversal after reaching its intraday high. Currently, the edge seems to be with the sellers who are driving the prices.

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Market Indicators:

Hourly RSI: The hourly RSI is currently moving towards 40.91 levels, showing mild price weakness in for short term. However, this is more likely to go down owing to pressure from buyer’s side.

Fibonacci Retracement levels:

23.6%: $4.509, 38.2%: $4.577, 61.6%: $4.687

Major support level: $4.604

Major resistance level: $4.866

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Conclusion:

The first major resistance level sits at 78.6% FIB level, barring an extended crypto rally. If broad based crypto rally comes in play, the second major resistance level will be at $4.9 level. A fall back through $4.630 level will bring the major support level at $4.535.

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