Ocean Coin: A Worthy Investment?

Ocean Protocol (OCEAN) is a cryptocurrency that experiences high volatility, making it a potentially lucrative but also risky investment option. OCEAN's price is predicted to increase in the long term, with a forecasted price of $2.644 by 2029, representing a potential five-year investment return of +376.4%. However, it is important to note that the cryptocurrency market is extremely volatile and challenging to predict over the long term. Therefore, investors should carefully research the fundamentals and progress of Ocean Protocol before making any investment decisions.

Ocean Protocol's price history

On 1 September 2024, the price of Ocean Protocol was $0.5083, with a 24-hour trading volume of $1,865,973.28. This represented a decline of -0.20% in 24 hours and a -14.30% price drop in the past 7 days. As of that date, the market cap for Ocean Protocol was BTC2,966.2549, and it was ranked #274 on CoinGecko.

The all-time high for Ocean Protocol was $1.94, but as of 1 September 2024, its price had fallen by 81.94% to $0.35. This decline continued, and as of 26 July 2024, Ocean Protocol's price was $0.555.

Ocean Protocol's price has also been quoted as $0.5604, with a 24-hour trading volume of $3.28 million and a circulating supply of 345.73 million OCEAN tokens.

The highest price paid for Ocean Protocol was BTC0.00006115 on 10 April 2021, over three years ago. This is a significant decline of 73.30% compared to its current price. On the other hand, long-term investors in Ocean Protocol have seen substantial gains. The lowest price paid for Ocean Protocol was BTC0.051135 on 11 August 2019, about five years ago. The current price is 3,912.50% higher than this all-time low.

Analysts at Wallet Investor are bullish on Ocean Protocol. They predict that the price will reach $1.045 in one year and $2.644 by 21 July 2029. This implies an upside of 88.30% in one year and a massive return of 376.4% in five years.

Technical analysis

Identifying Support and Resistance Levels

Horizontal resistance levels can be identified by counting the number of times a price is tested and rejected on an upward attempt. Horizontal support levels can be identified by counting the number of times a price tests and bounces from a particular price on the way down. These levels can be used to predict the price of OCEAN and determine sell targets for those already holding the coin.

Moving Averages

Moving averages are used by traders to assess momentum and potential levels where the price is likely to bounce from a downtrend or start slowing down after an uptrend. Important moving averages such as the 20, 50, 100, and 200 can be used to determine when to buy or sell Ocean Protocol.

Indicators

Indicators like the RSI (Relative Strength Index) can assist traders in predicting whether the price of Ocean Protocol will go up or down. These indicators take into account various factors such as time, volume, and momentum to indicate whether a cryptocurrency may rise or fall. While they can't predict the exact price, they can indicate trends and strength.

Long-Term Outlook

According to WalletInvestor.com, Ocean Protocol is an awesome long-term (1-year) investment. Their predictions are updated every 3 minutes with the latest prices by smart technical analysis. They predict that the price of Ocean Protocol will increase in the long term, with a 5-year investment expected to yield a return of around +376.4%.

However, it's important to note that due to the low market cap, the OCEAN price can be easily manipulated. Additionally, TradingBeasts predicts that the Ocean Protocol price will decrease in the future, but they do not provide specific price predictions.

Fundamental analysis

Ocean Protocol's Compute-to-Data (C2D) Model

The Compute-to-Data (C2D) model is a key technological structure in the Ocean data economy. It enables users to monetise AI assets such as raw data, model pipelines, trained weights, pre-trained data models, and metrics on a blockchain. This provides standardised access control and eliminates the need for buyers to register with multiple marketplaces. It also ensures that a neutral entity controls the data repository, avoiding dependence on any single institution.

Data Tokenomics

The maximum supply of OCEAN tokens is 1,410,000,000. The all-time high was $1.93 on April 10, 2021, and the all-time low was $0.01284832 on August 11, 2019. As of August 27, 2024, the price of OCEAN was $0.562402, with a 24-hour trading volume of $--.

Ocean's Marketplace

The Ocean Marketplace allows anyone to monetise their data, creating an incentive to share more data and providing data speculators with the opportunity to curate Datatokens via price signals. AI and Data scientists are the primary target market, as they gain access to more data on globally connected marketplaces.

Ocean's Tech Stack

Ocean Protocol's tech stack consists of three layers: the application layer, the middleware layer, and the smart contract layer. The application layer is the user interface, encompassing an ecosystem of marketplaces for users to exchange data. The middleware layer stores and retrieves data from the Ocean cache, proxy, and libraries, eliminating the need to query an entire blockchain for relevant data. The smart contract layer is an open ledger that records metadata, ownership, and access rights, setting Ocean apart from Web2 solutions.

Ocean's Role in the AI and Data Markets

The AI and data analytics market is expected to become a multi-trillion-dollar industry. Ocean Protocol's C2D function is valuable in this context because it enables data monetisation without storing large amounts of data on the blockchain, which would be impractical and costly. Ocean Protocol's C2D function has market penetration potential in various AI market segments, including Business Intelligence, Cloud Technology, DaaS, and Automating Big Data Analysis.

Investor sentiment

Some sources suggest that OCEAN could be a good investment, citing its long-term earning potential and the possibility of the coin's price reaching the $3 to $8 USD mark in 2022, and the $10–$30 USD area in 2023–2025. This is based on technical analysis, such as identifying support and resistance levels, calculating moving averages, and using indicators like the RSI (Relative Strength Index).

Additionally, fundamental analysis, which involves assessing the strengths and weaknesses of the project, including its accomplishments and future plans, can provide insight into the potential price movement of OCEAN. Keeping up with Ocean Protocol news and planning buys or sells around key events is a strategy used by long-term traders.

However, it is important to note that the cryptocurrency market is extremely volatile, and predicting long-term price movements is challenging. Therefore, conducting thorough research into the fundamentals and progress of Ocean Protocol is crucial before making any investment decisions.

Other sources provide more cautious outlooks, stating that while OCEAN could be a profitable investment option, its low market cap makes it susceptible to price manipulation. As of July 26, 2024, the current price of Ocean Protocol is 0.555 USD, and it is predicted to reach 1.045 USD within a year.

In contrast, TradingBeasts predicts that the Ocean Protocol price will decrease in the future, although they emphasize that cryptocurrency price predictions are highly uncertain and should not be relied upon as investment advice.

Overall, investor sentiment towards Ocean Protocol (OCEAN) seems to be a mix of optimism and caution, with a recognition of the inherent volatility and unpredictability of the cryptocurrency market.

Long-term price predictions

The Ocean Protocol (OCEAN) price prediction for the rest of 2024 is mixed. Wallet Investor predicts that OCEAN will be worth $1.045 by the end of the year, while CoinCodex predicts that the price will fall to $0.545139 by the end of July and will reach $1.079057 by 27 August 2024.

For 2025, Wallet Investor predicts that OCEAN will be worth $2.644, while CoinCodex predicts a price range of $0.545139 to $2.56. CoinCodex's prediction for 2030 is a price range of $0.918423 to $3.17.

Other sources give the following long-term price predictions:

• $2.15 in 2025 and $4.20 in 2030 (CoinLore)
• $0.8 in January 2025 (AmbCrypto)
• $1.00 in 2026, $1.26 in 2027, $1.57 in 2028, $1.96 in 2029, $2.45 in 2030, $3.07 in 2031, $3.83 in 2032, $4.79 in 2033, $5.99 in 2034, and $7.48 in 2035 (AmbCrypto)

Overall, the long-term price predictions for Ocean Protocol are positive, with the price expected to increase over the next several years.

Frequently asked questions