Ocean Protocol (OCEAN) Set for a Major Uptrend

Rekt Capital, a well-known crypto analyst, has shared his insights on the positive trend of OCEAN. After a strong performance in recent months, OCEAN has decisively broken its Macro Downtrend, setting the stage for a new Macro Uptrend. Rekt Capital outlines the typical three-step process following such a breakout:

A closing price above crucial resistance, which OCEAN has accomplished with its Monthly Candle Closing above the Macro Downtrend.

A pullback to retest the old resistance as new support, possibly at the Macro Downtrend level, offering an opportunity for value investors.

Trend continuation upon a successful retest.

However, not all altcoins necessarily experience a significant retracement to the Macro Downtrend level. If OCEAN undergoes such a retest, it would be a classic scenario.

On the Weekly timeframe, OCEAN might be forming a Double Top pattern at its peaks. If OCEAN forms another downside wick below the base of the pattern this week, it could avert a breakdown. Conversely, a Weekly Close below the base of the Double Top might trigger the breakdown process, potentially leading to the Macro Downtrend retest.

Near Protocol (NEAR) Returns to Macro Downtrend

Rekt Capital points out that Near Protocol has returned to its Macro Downtrend for the first time since early 2022. Currently, NEAR is being rejected at this level but is holding the $5.97 level as support, which previously acted as resistance.

Although NEAR is expected to break this Macro Downtrend eventually, the question remains: how low could it drop before doing so? If the current retest at these levels is successful, NEAR may not need to decline significantly to break the Macro Downtrend.

However, losing the $5.97 support level could indicate a potential breakdown into a consolidation range, where NEAR would establish a local bottom. Notably, NEAR has not shown any signs of breaking down and following a bearish path, as the retest has been successful thus far.

If the retest continues to be successful, enabling a Monthly Close above the Macro Downtrend, the decline would end, and NEAR could potentially retest the Macro Downtrend before initiating another uptrend.

Rekt Capital's analysis offers valuable insights into the technical landscape of OCEAN and NEAR, highlighting their potential for growth and the crucial levels to monitor in the coming weeks.

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