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Ocean Price Racing Towards $2 as Improved Farming Rewards Boost OCEAN

Last Updated March 14, 2024 11:45 AM
Valdrin Tahiri
Last Updated March 14, 2024 11:45 AM

Key Takeaways

  • Ocean Protocol announced the doubling of data farming rewards on March 14.
  • The OCEAN price has increased by 130% so in 2024, culminating at $1.40 on March 10.
  • Are the improved data farming rewards sufficient to catalyze another push toward $2?

The artificial intelligence narrative has been strong in 2024 and OCEAN has been one of the leaders from the category. More positive news hit today as Ocean Protocol announced it will double their data farming rewards.

With OCEAN prices soaring by 130% in 2024, the question on everyone’s mind is: Will the enhanced data farming rewards propel OCEAN towards the coveted $2 mark?

What Are Data Farming Rewards?

Data farming  is the incentive program of Ocean Protocol. Data farmers earn passive rewards  by locking their OCEAN tokens for a period of time and receiving veOCEAN in return. Stakers receive an average Annual Percentage Yield (APY) of 21%,  depending on the amount staked and duration of the lock. Users can also curate data and make predictions  to receive rewards. Through the prediction data streams , users can also earn ROSE on top of their OCEAN rewards.

(5) https://twitter.com/oceanprotocol/status/1763184657141538976  

On March 14, Ocean Protocol announced that they were doubling the data farming weekly rewards from 150,000 to 300,000.  While this increases the supply, OCEAN already has a circulating supply of 568 million. Therefore, the extra 300,000 per week will only raise it by 0.05%, a nearly neglibigle amount.

Rather, the relatively high APY of 21% can serve to turn a portion of the circulating supply illiquid. The rewards will stay the same until 12 September 2024, when they will double once again  to 600,000.

OCEAN Increased by 130% in 2024

The daily time frame technical analysis shows the OCEAN price has increased by 130% so far in 2024. The price reached a high of $1.40 on March 10 but has fallen slightly since, creating several successive bearish daily candlesticks. Despite the decrease, the wave count is bullish.

The most likely count predicts that OCEAN is in sub-wave four (black) of a long-term wave three. As a result, even though there is a possibility for a short-term correction, the OCEAN price is expected to eventually resume its increase, with a possible target of $1.70.

OCEAN Price Increase Wave Count
OCEAN/USDT Daily Chart. Credit: TradingView

The RSI and MACD both suggest that the rally was overextended, leading to the temporary decrease. During the March 10 high, the RSI confirmed a double bearish divergence (green) while the MACD made a bearish cross.

This aligns with the sub-wave count, predicting the short-term correction before another upward movement. Since the price is likely in sub-wave four, the correction could take the shape of a symmetrical triangle.

OCEAN Can Continue Increasing in 2024

While the OCEAN price has been mired in a short-term drop since March 10, the long-term trend remains strong and another upward movement toward $1.70 is expected soon. The improved rewards in data farming can also contribute to an increase in staking, which could contribute to the price increase by causing a temporary supply shock.

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