Theta Token (THETA) has moved higher since completing a flat correction on April 23rd.
The Ocean Protocol (OCEAN) has recaptured the $ 1.25 area but is still following a descending resistance line.
The bZx protocol (BZRX) has reclaimed the $ 0.78 and appears poised for a significant spike.
THETA has moved down since hitting an all-time high of $ 15.88 on April 16. However, it rebounded immediately after hitting a low of $ 7.20 on April 22nd.
Since the highlighted section of the chart doesn’t look impulsive, it’s likely the B part of an ABC correction structure.
Technical indicators are bullish. This is particularly evident from the bullish cross in the stochastic oscillator (green). While the RSI has not yet crossed the 50 line, it is expected to do so soon.
Hence, THETA is likely to move higher towards the closest resistance area at USD 15 and could potentially move to USD 19.70 thereafter.
THETA Chart from TradingView
- THETA has completed an ABC correction structure.
- There are resistance levels at $ 15 and $ 19.70.
BZRX has been moving up since April 23. Shortly thereafter, it managed to regain the $ 0.78 area and validate it as a support on May 2nd.
It has moved up since then.
Technical indicators are bullish. The MACD is positive, the RSI is above 50 and both are rising. In addition, the stochastic oscillator is very close to a bullish cross.
Hence, the BZRX should move higher towards the next resistance area at $ 1.40.
TradingView’s BZRX chart
- BZRX has retaken the $ 0.78 area.
- There is resistance at $ 1.40.
OCEAN has been moving down since April 10th when it hit an all-time high of $ 1.95. It has been following a descending resistance line since then.
While initially falling below the $ 1.25 area, OCEAN has since regained that level. This is a bullish development that supports the possibility of a future breakout. In this case, OCEAN should be heading for the all-time high resistance of USD 1.80.
This is also supported by technical indicators as the MACD is positive and the stochastic oscillator has drawn a bullish cross.
OCEAN Chart from TradingView
- OCEAN has retaken the $ 1.25 resistance level.
- It follows a descending resistance line.
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