What Led to the Recent 115% Oasis Network (ROSE) Price Hike?

2023-2-9 18:30

The Oasis Network (ROSE) price has broken out from long- and short-term resistance levels. The trend prediction is expected to be bullish.

The ROSE price has increased by 115% since the beginning of the year. The upward movement led to a high of $0.077 on Feb. 9. More importantly, the price action gives two decisive bullish signs. 

Firstly, the price broke out from a long-term descending resistance line that had been in place since the all-time high. Next, the price reclaimed the $0.049 horizontal area. The area had previously provided support since May 2021 before the price seemingly broke down in Nov. 2022. However, the ongoing upward movement suggests that the breakdown was illegitimate (red circle). Now, the $0,049 area is likely to provide support again. 

If the upward movement continues, the next resistance for ROSE price would be at an average price $0.110. 

The weekly RSI supports the continuation of the upward movement. After a bullish divergence (green line) preceded the entire upward movement, the indicator is now above 50. This is a strong sign of a bullish trend, increasing the validity of the breakout.

ROSE/USDT Weekly Chart. Source: TradingView Oasis Network Price Prediction Is Bullish

The technical analysis from the daily time frame aligns with the readings from the weekly one. Therefore, it provides a bullish ROSE price prediction for Feb. 

The first reason is that the price broke out from a short-term descending resistance line. The second is that the daily RSI broke out from its bearish divergence trend line (green line).

Currently, the price of Oasis Network is attempting to break out from the minor resistance area at $0.072. Due to the bullish readings in both the weekly and daily time frames, the breakout will likely be successful. Therefore, ROSE will be expected to reach the $0.110 resistance area.

On the other hand, if a rejection occurs, it will postpone the bullish ROSE price forecast. In that case, the Oasis Network price could fall to the 0.5 Fib retracement support level at $0.055.

ROSE/USDT Daily Chart. Source: TradingView

To conclude, the most likely ROSE price prediction for Feb. is a breakout from the minor $0,072 resistance area and an increase toward $0.110. On the other hand, a rejection from the area could lead to a retracement toward the $0.055 support level.

For BeInCrypto’s latest crypto market analysis, click here.

The post What Led to the Recent 115% Oasis Network (ROSE) Price Hike? appeared first on BeInCrypto.

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