Ocean Protocol Overview

Cryptocurrency Ocean Protocol
Ticker Symbol OCEAN
Price $0.3906
Price Change 24H +9.91%
Price Change 7D +5.90%
Market Cap $150,380,850
Circulating Supply 613,099,141 OCEAN
Trading Volume $23,202,722
All-Time High $1.94
All-Time Low $0.01351
Ocean Protocol ROI +663.95%

The Overview of Ocean Protocol

Ocean Protocol is a decentralized marketplace for web3 data. It is an Ethereum-based protocol that comprises data assets and services. Ocean Protocol aims to provide universal, easy access to data to everyone with a minimum cost and maximum security, along with all data protection measures. Ocean Protocol loops data providers and customers in one platform.

Data providers can monetize, and users can use the data by paying for it with the help of ERC20 based tokens. Data owners and users can search, discover public data and consume it from the marketplace. Data owners don’t lose control over their data even if users are using it. The open-source Ocean Protocol built-in Ethereum blockchain use data tokens to provide access to data.

Apart from using data, it allows users to store their data with complete control over it. Developers can build data sets by using Ocean libraries. Users can create their marketplace within the protocol to buy and sell the data set. The native token of Ocean Protocol cryptocurrency is called the OCEAN token. Apart from validating the data tokens, it is used to buy and sell data, as well as those who own can use this to vote for governance change also.

Data providers get ocean tokens back as a reward for their service. Ocean Protocol was founded in 2017 and is co-founded by Trent McConaghy, an AI researcher; Bruce Pon, the current CEO of BigchainDB; Cristina Pon, Marketing Director; and Razvan Olteanu. The OCEAN has three thousand contributors in more than hundreds of countries.

How Does Ocean Protocol Work?

The Ocean Protocol ecosystem consists of developers, users, DeFi, marketplace, OCEAN tokens, OceanDAO, building team, technocrats. The custom programs called smart contracts are used in the Ocean Protocol to ensure they can be exchanged across decentralized applications and Ethereum blockchain. The main components of the system include:

  • Providers-who mint and sell data set
  • Consumers-who buy and redeem data sets
  • Marketplace-which links provider and consumer

Ocean Data Tokens

The Ocean makes its users easily mint and deploy ERC20 tokens and spend these tokens or consume data services. Each data set is wrapped by a unique token as an industry-standard ERC20 token, representing only that particular data set. The ERC2o OCEAN token was also launched in the year 2017.

As of 2021, around 347 million OCEAN tokens are in circulation. When a person is either buying or selling, the Ocean Protocol will be using the OCEAN token. The token ally connects data sets with Blockchain and DeFi.

Here, the crypto wallets become data wallets, and crypto exchanges have become data marketplaces. Data asset on-ramp creates data tokens, and data asset off-ramp consumes data tokens. Each data sets have their own token.

  • To access the data set, send data token to the provider
  • Data tokens are leveraged on Ethereum mainnet

Ocean Marketplace

Ocean marketplace allows users to buy and sell, staking, and run their own fork. It acts as a decentralized exchange (DEX). Data will be published using the initial data offering. When the provider publishes, it becomes a dataset with its own tokens. A provider can set a fixed price, or it will be auto-discovered. Auto-discovery is done with an AMM provided by a Balancer. The unique features of the ocean marketplace include:

  • Earn
  • Automated price discovery
  • Interoperability
  • Privacy-preserving
  • Universal login way web3 wallet

OceanDAO

OceanDAO offers community grants by OCEAN holders together; this makes the Ocean Protocol system unique. The funding is exclusively for those who develop software with the Ocean Protocol. People can register and vote for proposals; 500k OCEAN grants are available, provided users can submit proposals by November 20. People who hold Ocean Protocol can vote for the project, which they think is good.

Providers can sell data in two ways using data marketplace first one is latent data selling. When you are a data scientist with a lot of data available around and may be useful for other people, you can upload quotes and sell the same on the Ocean Protocol platform.

The second is selling value-added open data; this way, providers can take open data to add value and details reform or upgrade the data and sell the same in ocean protocol. Users can compute data to calculate synthetic data. Data scientists can earn from curating data also. People can sell and buy in the Ocean marketplace, and also Ocean Protocol provides a marketplace. By staking user becomes a liquidity provider.

Ocean Protocol introduced minimal viable GAIA X to provide an open, transparent and decentralized marketplace for users. Introduction of energy web chain, Ocean moon river, unlocking higher funding levels, OceanDAO round 11, are added advantages for development.

Ocean Protocol Roadmap

After being successfully founded in 2017, the business whitepaper was published in 2018. The Ocean was prelaunch in march 2020 with 3500 contributors in 100 countries. In the same year, it was partnered with IBM WATSON AI XPRIZE. They had launched the advisor program in 40 main cities with 20 expert advisers. In the Plankton stage of development, they have created a spree test network. Ocean enhancement proposals have been introduced.

Pluestone, a proof concept data marketplace, has also been introduced in the same stage. In 2019, pacific network launch, token bridge, and common marketplace update, IPFS integration is also executed. Still, they create new addition to compete and grow in the market. DAIMLER, DEXFRIEGHT, MOBI, ROSCHE, XPRIZE has working with the project. Web3 experience service partners include DAC, Protofire, Your Company; the major ecosystem collaborators include OCHAIN, ALLIAN BLOCK, BALANCER, BANCOR, BENCHMARK PROTOCOL, BDP, etc.

Market Sentiments of OCEAN Token

The current price at which the OCEAN is trading is $0.5956, with a 24-hour volume of $68,920,477.60. Based on historical data, the maximum price registered was $1.94 on April 10, 2021. The minimum price at which ocean protocol trading is $0.01365, which is on August 2019. The total market cap is $366,096,016.83 with a circulating supply of 613,099,141 OCEAN tokens.

The global crypto market has a market capitalization of $363,978,175.02 as of March 2022. The circulation of coins and mining of digital coins, and new entry of traders have tremendously increased over the last month. Most of the coins are trading in the green for the day. The average Ocean protocol price has been trading sideways from the last few trading session, which is range bound and neutral in the last week. It has given a 6% loss for investors and one month 17% return, but for the last six months, people who invest ended up 35% loss, and a one-year return was 69%.

The currency shows weakness and trading without a trend indication. Ocean Protocol has ranked above 200, and now it is trading on par with other cryptocurrencies. The OCEAN was not a coin that gave you an immediate return because the price action in Ocean Protocol was slow-moving. Hence, Ocean Protocol price forecasts are not very bullish for the long-term or short-term.

Technical Analysis of Ocean Protocol

Short-term technical analysis of Ocean Protocol price shows that the market sentiments of OCEAN coin are bearish for the current trading session. The average Ocean Protocol price is trading in the range of $0.829 to $1.25 for the day. From the beginning of the year, the Bollinger band was squeezing, and then the Ocean coin value when to its all-time high.

The variation of OCEAN price to volume trend in the 15-minute chart for the current trading session represents the difficulty of ocean protocol trend determination. The huge volatile candle formed every 15 minutes with large variation in the volume trading. If volume and price are increasing consistently, it indicates a trend confirmation of uptrend and vice versa. Still, Ocean Protocol volume is not increasing along with the minimum price variation representing traders are unable to take an investment decision on Ocean Protocol. A morning star and a hanging man have been formed on the same day.

Ocean Protocol Price Prediction

Ocean Protocol price on the daily chart shows that after a morning star formation of July 21. Currently, OCEAN coin price is trading around $0.5956. Traders started to sell Ocean Protocol, the price has broken and tested the support level of $0.58186. From this minimum price point, moreover, it is testing the next major resistance level failed to sustain and trading sideways.

Ocean Protocol Prediction

The crash on September 7 has made a fall in crypto, the inverted head and shoulder pattern formed on the daily tried to drag the price level, price fall and raised then again it makes Ocean Protocol fall more than the previous fall then bounce back. One more falls to the first triangle level and bounces back to the normal range. It was indicating a price action is waiting on Ocean Protocol, invest in catching the breakout, but yet it has not happened. The Average Directional Index is falling downwards. The standard deviation was high last week, but due to the sideways trend, the standard deviation is less volatile.

Ocean Protocol Prediction

Reading the support and resistance level of Ocean Protocol price prediction, the next immediate resistance level from the current price is found at $0.84009. If this price level crosses, the OCEAN is anticipated to test $1.038. One of the next major resistance is at $1.717. Ocean coin has to cross this for further price action and trend change.

If the neutral price trend has changed to a bearish momentum, the minimum price of crypto will take support at $0.804, which is very nearby. And if it fails to bounce back, a further price fall is expected to be around $0.3282.

Ocean Protocol Token Price Prediction

Watching major technical indicators for the Ocean Protocol price forecast, the Relative Strength Index is placed 41.19, neutral. The MACD line failed to cross the signal line indicating bearishness in Ocean Protocol. A technical indicator is placed at the neutral zone, indecisiveness. But the values of price movements reflect that the average Ocean protocol price will trade on the same price range for a certain trading session. A breakout or bullish candlestick pattern formation is necessary to start an uptrend.

Ocean Protocol Price Predictions

Ocean Protocol price is moving just above its 200 days EMA and trying to move above 50 EMA and 20 EMA. On Balance Volume indicator (OBV) is slightly increasing but not showing strength. The price-volume trend is neutral, showing no confirmation. On October 27, the Ocean price fell from $0.928 to $0.7973.