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OCEAN Price Climbs Back to $1 After Unveiling Ocean Enterprise – Are AI Tokens Making a Comeback?

Published April 23, 2024 12:54 PM
Valdrin Tahiri
Published April 23, 2024 12:54 PM
By Valdrin Tahiri
Verified by Peter Henn

Key Takeaways

  • OCEAN announced its business data platform Ocean Enterprise on April 22.
  • The OCEAN price has increased over 60% since its April 13 low.
  • After reclaiming a horizontal resistance area, is the OCEAN correction over?

Ocean Protocol has been in the spotlight in April due to the ASI merger with FET and AGIX. The governance proposal vote ended successfully, and the merger  will start in the coming weeks.

Another interesting announcement came on April 22, which teased the creation of a more advanced, business version of Ocean Protocol called Ocean Enterprise. Even though it has already increased 60% increase since its April 13 lows, the OCEAN price can bolster its momentum due to these positive announcements.

What is Ocean Enterprise?

On April 22, Ocean Protocol announced the formation of the Ocean Enterprise Collective (OEC) , a non-profit association of several international organizations. The OEC will develop and launch Ocean Enterprise, an open-source data sharing platform.

Ocean Enterprise is tailor made for businesses, allowing them to use a version of Ocean Protocol with specially developed features  that can immediately be deployed at scale. Its additional features are data regulation compliance, self-sovereign identity and data space interoperability.  The enterprise will launch at the end of the third quarter of 2024.

Ocean Enterprise will be governed by the OEC. It presents an innovative governance model that emphasizes collaborative decision-making. Members will all be able to shape the development of Ocean Enterprise in a transparent and inclusive manner.

OCEAN Price Prediction: Breakout and Reclaim

Even though the OCEAN price has fallen since its high of $1.67 on March 27, it bounced on April 13. The bounce validated the previous ascending parallel channel and created a long lower wick (green icon). Since then, OCEAN has increased over 60%.

More importantly, OCEAN reached a close above the $0.95 horizontal area, which is now likely to act as support. While doing so, OCEAN also broke out from a descending resistance trend line.

OCEAN Price Breakout & Reclaim
OCEAN/USDT Daily Chart | Credit: TradingView

In support of the breakout, the MACD has also made a bullish cross (green icon). Also, the RSI attempts to increase above 50. The trend remains bullish as long as the OCEAN price does not close below $0.95. An increase to the next resistance at $1.37 is the most likely future price scenario.

AI Tokens Making a Comeback?

The AI token basket has increased since April 13, creating a higher low on April 19 (green icon). While the price has increased since, it has not broken out from its descending resistance trend line.

The RSI supports the possibility of a breakout, since it has generated a significant bullish divergence. However, the MACD has not made a bullish cross yet (green circle) and the RSI is still below 50.

AI Token Basket Performance
Custom Daily Chart | Credit: TradingView

While a breakout is the most likely scenario because of the bullish MACD and RSI readings, the bullish reversal is not confirmed yet. A breakout from the trend line will confirm the correction is over.

OCEAN Trend Bullish Above Resistance

On top of its positive developments, OCEAN shows bullish signs due to a breakout from a diagonal resistance trend line and reclaim of a horizontal resistance level. The trend remains bullish as long as OCEAN does not close below them. An increase toward $1.30 and possibly a new yearly high is on the cards for May.

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