Recent price action for The Graph (GRT) and Ocean Protocol (OCEAN) is positive and could see significant upside in the coming weeks.
Graph is an indexing protocol used to query data whose native token is GRT. Since hitting an all-time high of $0.92 in February 2021, GRT price has declined below a long-term descending resistance line. A decline to the $0.05 low in November 2022 could result in a decline. The price has since increased, hitting a new yearly high last month at $0.23.
Despite the rise, the price was rejected once again by the resistance line (red icon). Despite the rejection, the weekly RSI is still above 50, which is considered a bullish sign.
If the price of GRT token breaks down, it could rise to the next resistance at $0.52. This would be an increase of 244% from the current price.
However, if the rejection continues, Graph price could slide back to its yearly low near $0.06.
Ocean Protocol (OCEAN) price hike is just the beginning
Ocean Protocol also specializes in the field of artificial intelligence. However, unlike The Graph, it focuses on monetizing data. Technical analysis from the weekly time frame gives a bullish outlook for OCEAN. The price broke above a long-term descending resistance line that has been in existence since the all-time high. The breakout was paired with an RSI movement above 50, another bullish sign. After an initial decline, price validated the line as support last week (green icon).
If the upward move continues, the next resistance lies at $1.10, which is a 185% upside from the current price.
However, if the price of OCEAN closes below the previous descending resistance line, it would mean that the breakout was not valid, and there would be a downward movement. In that case, the Ocean Protocol price could drop to $0.50.
To conclude, price volatility is looking bullish for both OCEAN and GRT. Both the coins have the potential to grow by almost 200%. However, the lack of the nearest diagonal support for OCEAN and the bottom of the nearest horizontal support for GRT would invalidate this approach. In that case, there could be a 50% drop for both.
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