OCEANUSDT recently went through an accumulation phase, which took place between the price levels of 0.2982 and 0.1163. After a period of consolidation, the price eventually broke out of this accumulation range and experienced a significant distribution phase.
Currently, the price of OCEANUSDT is testing the weekly support level at around $0.41. This level is a key area of support and resistance and has the potential to signal a shift in market sentiment. It is important to keep a close eye on how the price reacts to this level, as a break below it could indicate further downside movement.
Looking ahead, the market will need to create a new breakout above the $0.5 area for any long continuation to occur. If this happens, we can apply Plancton's Rules, a set of guidelines for identifying potential market movements, to help guide our decision-making and potentially open a new long position.
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