Ocean Protocol is a blockchain technology established in 2017 that is predicted to revolutionize the digital economy. The platform’s token, OCEAN, started trading in late 2019 and experienced significant volatility in 2021, reaching a high of $1.7 before falling back to around $0.35 by the end of the year. However, in 2023 the price began to recover and saw a 150% increase. The platform’s daily active addresses increased, suggesting increased trader activity. The MVRV ratio has been trading much lower than typical values, indicating traders are cashing in their profits. The supply on exchanges has decreased, indicating a positive momentum and potential for the price to rise. It is anticipated that the price will continue to rise throughout 2023 and reach $0.5 by the end of Q1. It may reach $1 by the end of 2024 and exceed $5 in 2027.
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Attention all Cryptocurrency Enthusiasts: Ocean Protocol is the Future!
Introduction
Ocean Protocol, the innovative blockchain technology, is the latest game-changer in the cryptocurrency market. With its potential to revolutionize the digital economy, Ocean Protocol is predicted to explode in 2023.
Establishment and Price Analysis
Established in 2017, Ocean Protocol started trading during Q4 of 2019 and remained range-bound below $0.05. By mid-2020, the price climbed to a new path around $0.5. However, it’s expected to finish the annual trading at approximately $0.33. The price of the ocean had a rapid increase in positive momentum since the beginning of 2021, reaching new highs of $1.7 in April, but it has since fallen and finished the trading year only an inch shy of $1. The price started falling drastically in the beginning of 2022 and reached a low point of around $0.12 before beginning to recover upward momentum at the beginning of 2023.
DAA Levels and MVRV Ratio
The daily active addresses (DAA) levels, indicating the number of addresses engaging in trade on the platform, have been exceptionally unpredictable and erratic since the latter part of 2022. The MVRV (Market Value to Realized Value) ratio has been trading much lower below the typical values, testing extreme support and resistance levels that now stand at -18.15% and -26.5%, respectively.
Supply on Exchanges and Future Price Predictions
Ocean Protocol saw a surge in its supply on exchanges, marking the peak of the market. However, the tokens have now been removed from exchanges and stored in users’ personal wallets, indicating strong positive momentum that will shortly raise the price. From the beginning of 2023, the price has started to climb at a rapid pace. It is anticipated that the price will increase significantly in the days ahead and conclude the Q1 trade around $0.5. By the conclusion of the third quarter, it’s expected that the price will begin to rise again. The annual trade may conclude in the range of $0.8 to $0.85. From the beginning of 2024, the price levels are expected to grow, swiftly reaching the aim of $1. The year 2025 might be considered stable with an anticipated new high of $5 in 2027.
Conclusion
In conclusion, Ocean Protocol is a groundbreaking crypto token with the potential to transform the way we exchange data. The digital economy is undoubtedly set for a massive shake-up as the cryptocurrency sphere enters a new era of technological advancement. With the positive momentum gained by Ocean Protocol in recent years, it’s no wonder why crypto enthusiasts are keenly watching its progress and eagerly anticipating its projected growth in the coming years.
