Exclusive THETA, BZRX, OCEAN Reclaim Key Levels, Aim for New Highs

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In Brief
  • THETA has completed a corrective structure.

  • BZRX has reclaimed the $0.78 area.

  • OCEAN is following a descending resistance line.

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Theta Token (THETA) has been moving upwards since completing a flat correction on April 23.

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Ocean Protocol (OCEAN) has reclaimed the $1.25 area but is still following a descending resistance line.

bZx Protocol (BZRX) has reclaimed the $0.78 are and looks primed for a significant increase.

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THETA

THETA has been moving downwards since reaching an all-time high price of $15.88 on April 16. However, it bounced just after reaching a low of $7.20 on April 22.

Because the highlighted section of the chart does not look impulsive, it’s likely to be the B portion of an A-B-C corrective structure. 

Technical indicators are bullish. This is especially evident by the bullish cross in the Stochastic oscillator (green). While the RSI has yet to cross above the 50-line, it’s expected to do so soon.

Therefore, THETA is likely to increase towards the closest resistance area at $15, and could potentially head to $19.70 after.

THETA Chart By TradingView

Highlights

  • THETA has completed an A-B-C corrective structure.
  • There are resistance levels at $15 and $19.70.

BZRX

BZRX has been moving upwards since April 23. Shortly after, it managed to reclaim the $0.78 area and validate it as support on May 2. 

It has been moving upwards since. 

Technical indicators are bullish. The MACD is positive, the RSI is above 50, and both are increasing. Furthermore, the Stochastic oscillator is very close to making a bullish cross.

Therefore, BZRX is likely to increase towards the next resistance area at $1.40.

BZRX Chart By TradingView

Highlights

  • BZRX has reclaimed the $0.78 area.
  • There is resistance at $1.40.

OCEAN

OCEAN has been moving downwards since April 10 when it reached an all-time high price of $1.95. Since then, it’s been following a descending resistance line. 

While it initially fell below the $1.25 area, OCEAN has reclaimed this level since. This is a bullish development that supports the possibility of a future breakout. If it does, OCEAN is likely to head towards the all-time high resistance of $1.80. 

This is also supported by technical indicators since the MACD is positive and the Stochastic oscillator has made a bullish cross.

OCEAN Chart By TradingView

Highlights

  • OCEAN has reclaimed the $1.25 resistance level.
  • It\s following a descending resistance line.

For BeInCrypto’s latest bitcoin (BTC) analysis, click here.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.
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Valdrin is a cryptocurrency enthusiast and financial trader. After obtaining a masters degree in Financial Markets at the Barcelona Graduate School of Economics he began working at the Ministry of Economic Development in his native country of Kosovo. In 2019, he decided to focus full-time on cryptocurrencies and trading.

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