June 8, 2023

The recent price action for The Graph (GRT) and Ocean Protocol (OCEAN) is positive and could lead to a sizeable increase in the next few weeks.

The Graph is an indexing protocol used for querying data whose native token is GRT. The GRT price has fallen under a long-term descending resistance line since reaching an all-time high of $0.92 in February 2021. The downward movement led to a low of $0.05 in November 2022. The price has increased since, reaching a new yearly high of $0.23 last month. 

Despite the increase, the price was rejected by the resistance line once more (red icon). Despite the rejection, the weekly RSI is still above 50, which is considered a bullish sign. 

If the GRT token price breaks out, it could increase to the next resistance at $0.52. This would amount to a 244% increase from the current price. 

However, if the rejection continues, The Graph price could revisit its yearly lows near $0.06.

The Graph (GRT) Price Resistance
GRT/USDT Daily Chart. Source: TradingView

Ocean Protocol (OCEAN) Price Increase Is Just Beginning

Ocean Protocol also specializes in the field of artificial intelligence. However, unlike The Graph, it focuses on the monetization of data. The technical analysis from the weekly time frame gives a bullish outlook for OCEAN. The price broke out from a long-term descending resistance line that had existed since the all-time high. The breakout was combined with an RSI movement above 50, another bullish sign. After an initial decrease, the price validated the line as support last week (green icon). 

If the upward movement continues, the next resistance would be at $1.10, a 185% increase from the current price. 

However, if the OCEAN price closes below the previous descending resistance line, it would mean that the breakout was not legitimate, and a downward movement will follow. In that case, the Ocean Protocol price could fall to $0.50.

Ocean Protocol (OCEAN) Price Range
OCEAN/USDT Weekly Chart. Source: TradingView

To conclude, the price movement for both OCEAN and GRT looks bullish. Both coins have the potential to increase by nearly 200%. However, a decrease below the closest diagonal support for OCEAN and the closest horizontal support for GRT would invalidate this outlook. In that case, 50% drops could follow for both.

For BeInCrypto’s latest crypto market analysis, click here.


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