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Ocean Protocol Price Prediction 2024: OCEAN Price Analysis

Last Updated June 21, 2024 11:11 AM
Valdrin Tahiri
Last Updated June 21, 2024 11:11 AM
By Valdrin Tahiri
Verified by Peter Henn

Key Takeaways

  • Ocean Protocol nearly reached a new all-time high price in March 2024 but has fallen since.
  • OCEAN has not performed well compared to other cryptocurrencies in the artificial intelligence (AI) sector.
  • Our price predictions suggest Ocean Protocol will continue increasing until the end of the year.

Ocean Protocol is a platform designed to help people make use of data and earn money for it. The system, which works a lot, but not exclusively, with artificial intelligence (AI) platforms, has enjoyed a positive start to 2024. However, the tables turned at the end of March, leading to a notable correction.

Nevertheless, OCEAN bounced on June 18 and could be in the first stages of a recovery.

Ocean Protocol did not immediately respond to a request for comment.

Let’s examine some of the OCEAN  price predictions made by CCN.com on June 21, 2024. It is crucial to bear in mind that price forecasts, particularly for volatile assets like cryptocurrencies, often turn out to be inaccurate.

Ocean Protocol Price Prediction

Minimum OCEAN Price Prediction Average OCEAN Price Prediction Maximum OCEAN Price Prediction
2024 $0.80 $1 $1.20
2025 $0.45 $0.525 $0.60
2030 $19.30 $24 $28.70

How Do We Make an OCEAN Price Prediction?

There are two methods used to create our Ocean Protocol price predictions. More specifically, fractals (mirroring movements and indicator readings) and the wave count are used.

The average of the two methods gives the average OCEAN price prediction, the more bullish one is used for the maximum price prediction while the more bearish one for the minimum.

Fractal Prediction

The OCEAN price increased from August 2019 to its all-time high in February 2021. During this time, the weekly RSI reached overbought territory for the first time in August 2020. 

Afterward, the RSI fell slightly below 50 (red) before bouncing and resuming the increase toward a new all-time high price. The all-time high was combined with a bearish divergence in the RSI. 

The entire increase from the bottom to the RSI bounce took 497 days and amounted to 1,756%. A movement of similar length transpired in 2024 but was smaller in magnitude. The increase took 574 days and amounted to 445%.

So, the second movement was 14% longer and 3.94 times smaller. These ratios are used to determine the next high based on the 2020 increase. 

OCEAN Price Prediction
OCEAN/USD Weekly Chart | Credit: Valdrin Tahiri/TradingView

Projecting the continuation of the increase in a similar manner leads to a high of $1.75 on October 2024. Interestingly, this will not be a new all-time high price. 

Then, OCEAN could begin a correction akin to that of 2021. Since that decrease took 595 days and led to a drop to the previous high, the same thing is projected to happen in 2024. 

OCEAN Price Fractal
OCEAN/USD Weekly Chart | Credit: Valdrin Tahiri/TradingView

Using this fractal leads to prices of $0.80 at the end of 2024 and $0.48 at the end of 2025.

Wave Count Prediction

The wave count suggests that the 2019 increase was a five-wave upward movement. If that is the case, the 2023 increase is also a five-wave upward movement. If so, the price has completed wave four and will soon begin wave five. 

Even though wave four dropped into wave one territory, violating Elliott wave rules in the process, that was just a wick low, and the entire increase could be an expanding diagonal. 

In 2021, wave five ended at the 3.61 external Fibonacci retracement of wave four. The same ratio in 2024 leads to a new all-time high of $4.83.

OCEAN Price Wave Count
OCEAN/USD Weekly Chart | Credit: Valdrin Tahiri/TradingView

Since we predicted that the 2024 movement is 14% longer, this high can be reached in September 2024. Projecting a similar correction leads to values of $1.20 at the end of 2024 and $0.60 at the end of 2025.

Finally, we use the rate of increase of the past five years to make a prediction for the end of 2030. OCEAN has increased by 2,723% in the 1,820 days since June 2019. This amounts to a rate of increase of 1.5% per day. 

OCEAN Rate of Increase
OCEAN/USD Weekly Trading Chart | Credit: Valdrin Tahiri/TradingView

Projecting the same increase until the end of 2030 leads to a high of $24. Adding and removing 20% to this value gives the maximum and minimum predictions of $28.70 and $19.30, respectively.

Ocean Protocol Price Prediction for 2024

The end of 2024 OCEAN price prediction is similar for both the fractal and wave count methods at $0.80 and $1.20, respectively. However, the movement for the rest of the years is entirely different.

While the fractal method implies OCEAN will not reach a new all-time high, the wave count method instead predicts a parabolic increase to $4.83 before a correction.

Ocean Protocol Price Prediction for 2025

The end of 2025 OCEAN price prediction is very similar for both the fractal and wave count methods. In both of them, OCEAN will be well into its lengthy correction.

The methods give prices of $0.45 and $0.60, respectively. It is interesting to note that the fractal method gives lower predictions for both years.

Ocean Protocol Price Prediction for 2030

The OCEAN price prediction for the end of 2030 uses the current rate of increase. A price between $19.30 and $28.70 is likely if a similar rate of increase continues for the foreseeable future.

OCEAN Price Analysis

The daily time frame Ocean Protocol price chart aligns with the long-term predictions, implying OCEAN is in a corrective wave four. This wave has been contained inside a descending parallel channel and is an A-B-C corrective structure.

On June 18, OCEAN bounced at the channel’s support trend line and now attempts to move above its midline. Even though waves A:C have not had a 1:1 ratio, moving above the channel’s midline will imply the correction is over.

Also, the MACD is close to making a bullish cross (green circle) and the RSI has moved outside of its oversold territory, both bullish signs.

OCEAN Short-Term Movement
OCEAN/USDT Daily Chart | Credit: Valdrin Tahiri/TradingView

So, a breakout from the channel will confirm that wave five has started, especially if it is combined with a MACD cross into positive territory and RSI movement above 50. Conversely, a rejection from the midline can trigger a drop to the channel’s support at $0.45.

OCEAN Price Performance Comparisons

OCEAN is part of the Artificial Intelligence (AI) category of cryptocurrencies, so let’s compare it with other projects from the same category that have a similar market capitalization.

Current Price One Year Ago Price Change
OCEAN $0.645 $0.355 86.3%
AGIX $0.65 $0.25 186.2%
FET $1.56 $0.22 670.2%
AIOZ $0.467 $0.014 3,023.9%
ARKM $1.76 $0.64 (July 2023) 170.4%

OCEAN has been the worst performer from the five AI tokens analyzed. It is the only one that has increased less than 100% during the past year.

OCEAN Price History

OCEAN launched on May 4, 2019, and reached its all-time high on April 10, 2021. A lengthy correction followed that led to a low of $0.12 in November 2022.

While the price has increased since, it failed to reach a new all-time high in 2024, culminating at $1.44 in March. OCEAN has fallen since.

OCEAN Price History
OCEAN Price History: | Credit: CoinGecko
Time period OCEAN price
One day ago (June 20, 2024) $0.68
One week ago (June 14, 2024) $0.67
One month ago (May 21, 2024) $1.06
Three months ago (March 21,2024) $1.09
One year ago (June 21, 2024) $0.34
Five years ago (June 21, 2019) $0.031
Launch price (May 4, 2019) $0.039
All-time high (April 10, 2021) $1.93
All-time low (August 11, 2019) $0.012

Who Owns the Most OCEAN?

As of June 21, 2024, the top five biggest OCEAN addresses were:

  • 0x4d9b76df13df257a674aec7ec7232741a6e73883 — The wallet holds 671,419,319 OCEAN (47.62% of the total supply)
  • 0xd5e6219a79c5cc61b9074331d1b05a6f35c5a48a — The wallet holds 56,800,859 OCEAN (4.03% of the total supply)
  • 0xf977814e90da44bfa03b6295a0616a897441acec — The wallet holds 53,171,208 OCEAN (3.77% of the total supply)
  • 0xbe0eb53f46cd790cd13851d5eff43d12404d33e8 — The wallet holds 33,577,514 OCEAN (2.38% of the total supply)
  • 0xe86bf3b0d3a20444de7c78932ace6e5effe92379 — The wallet holds 31,695,642 OCEAN (2.25% of the total supply)

A worrisome fact is that a single wallet holds nearly half of the total supply, triggering centralization concerns. The wallet can cause significant selling pressure if it wants to sell its holdings.

OCEAN Supply and Distribution

Supply and distribution Figures
Maximum supply 1,410,000,000
Circulating supply (as of June 21, 2024) 648,984,320 (46% of total supply)
Holder distribution Top 10 Holders own 66,89% of the supply as of June 21, 2024

From the Whitepaper

According to its whitepaper , Ocean Protocol is a decentralized platform that aims to democratize data access and monetization by providing tools for publishing, consuming, and trading data as NFTs and tokens within a secure and privacy-preserving ecosystem.

It seeks to empower startups and enterprises alike by facilitating the emergence of a sustainable, open data economy through initiatives like OceanDAO and the Data Farming program.

Ocean Protocol (OCEAN) Explained

One of the main selling points of the blockchain is its privacy. One of the things that differentiates Web 2.0 from Web3 is that, with Web3, people have control over their data. 

However, there are times when people might be comfortable with their information being used. Ocean Protocol  is a platform designed to allow data to be monetized, bought, sold, and traded.

The system was set up in 2017 by crypto entrepreneur Bruce Pon and designer and artificial intelligence expert Trent McConaghy. It allows people to store their data and make it available for a price.

The platform, which is based on the Ethereum (ETH) blockchain, is supported by its native token, OCEAN.

How Ocean Protocol Works

Ocean Protocol has three different types of users. Providers sell the rights to off-chain data and mint tokens, Consumers buy data tokens and redeem them in order to access data and Marketplaces connect Providers with Consumers and help transactions take place.

The marketplace operates in a decentralized manner, allowing users to create a platform where data records, ownership, and sharing are tracked. Unlike traditional bidding methods, this marketplace utilizes liquidity pools and smart contracts, computer programs that automatically execute when specific conditions are met.

In terms of OCEAN itself, it is used to help govern the network, while it can also be staked, or set aside, in return for rewards. It also gives the ability to buy and sell data tokens, which give people access to data on the network. 

Is Ocean Protocol a Good Investment?

OCEAN has had a positive 2024, boosted by a growing interest in AI. However, with governments looking at reducing the harmful impact of artificial intelligence, investors might need to be wary of a move away from AI-related crypto. It is also worth mentioning that OCEAN has performed worse compared to other artificial intelligence projects with which it shares similarities.

On the other hand, Ocean Protocol does a lot more than work with artificial intelligence organizations, so it will be worth seeing if it can emphasize its overall usefulness. 

As ever with crypto, you will need to make sure you do your own research before deciding whether or not to invest.

Will Ocean Protocol go up or down?

While our long-term price predictions suggest OCEAN will continue increasing until the end of the year, the short-term price movement is still unclear. More specifically, a breakout from the parallel channel will confirm an upward trend has started, while a decrease to the channel’s support trend line can be an optimal level for a bounce.

Should I invest in Ocean Protocol?

Before you decide whether or not to invest in Ocean Protocol, you will have to do your own research. This hold true not only for OCEAN, but  for other related coins and tokens such as Fetch.ai (FET) and SingularityNET (AGIX), which together will create the ASI alliance. Either way, you will also need to make sure that you never invest more money than you can afford to lose.

Ocean Protocol Attention Tracker

OCEAN Protocol Search Volume
Ocean Protocol Google Search Volume | Credit: Google

Here is a chart for the Ocean Protocol Google search volume for the past 90 days. This represents how many times the term “Ocean Protocol OCEAN” has been Googled over the previous 90 days. Interest has not been notable with the exception of March 27, likely because of the announcement for the creation of the ASI alliance.

FAQs 

How many Ocean Protocol are there?

As of June 21, 2024, there were 648.9 million OCEAN in circulation, out of 1.41 billion of the total supply.

Will Ocean Protocol reach a new all-time high?

One of our predictions suggests that OCEAN will reach a new all-time high this year, while the other implies it will get close but will not break its all-time high of $1.93.

What is Ocean Protocol used for?

The OCEAN token is used to support the Ocean Protocol blockchain-based data platform.

 

Disclaimer
Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.
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