Key Takeaways:
- Oasis Network’s native token ROSE jumped 78% in ten days.
- Growing ecosystem of dApps likely contributed to the price action.
NEW DELHI (CoinChapter.com) — Data privacy and user confidentiality focused smart contracts platform Oasis Network’s native token, ROSE, rallied over ten days between Dec 21 to Dec 30 to gain 78%.
ROSE prices have been moving above a four-month-long ascending trendline since Aug 31. After charting a new ATH on Nov 21, the Oasis token fell prey to selling pressure. However, ROSE started an uptrend on Dec 21 that has carried it within touching distance of its ATH.
The Oasis token began Friday on a decline, with immediate resistance at $0.42. Moreover, a sustained uptrend would see ROSE prices challenge resistance near $0.447. Finally, if bullish tailwinds continue to favor the Oasis Network token, ROSE could end up challenging its previous ATH with resistance near $0.465.
Friday’s downtrend might result from retail traders reacting to the high relative strength index levels. ROSE token’s RSI nearly went into overbought regions on Thursday before retreating slightly on Dec 31. An overbought RSI usually indicates that an asset might reverse its trend.
Also Read: Oasis Network (ROSE) price charts new ATH on back of ecosystem fund, Meta partnership.
If the ROSE token price continues downward, it will seek support near $0.386. Furthermore, if retail traders look to profit from the Oasis Network token’s recent rally, prices could fall to $0.365. Meanwhile, trend-based momentum oscillator MACD is strongly bullish for the ROSE token.
MACD charted a bullish crossover for the ROSE token on Dec 23. A bullish crossover occurs when the MACD line (difference between 12-day and 26-day EMA) moves above its signal line (9-day EMA of MACD). Bars on the MACD histogram expand, indicating the bullish momentum is increasing.
Oasis Network Fundamentals Pooling
A significant fundamental for the Oasis Network comes from a Nov 17 announcement of a $160 million Oasis ecosystem fund. The fund aims to bootstrap promising projects on top of Oasis Network and attract new developers.
The fund is backed by the Oasis Foundation and several leading blockchain venture funds, including AME Cloud Ventures, Dragonfly Capital Partners, Draper Dragon Fund, and Electric Capital.
Also Read: Cardano partners with Oasis Pro, Chainlink, Dish Network and gets in the NFT race, but ADA is lagging behind.
In addition, the network also launched its own NFT project on Dec 23. Named the Oasis AI Rose NFTs, the Oasis Network minted and airdropped 999 NFTs to users.
Oasis Network also partnered with NFTb, a DeFi platform for NFTs on the Binance Smart Chain, to design an NFT marketplace and an NFT and token launchpad.
Meanwhile, the dApps ecosystem is expanding with increasing active users. As a result, oasis Network also introduced LaunchGarden, its first launch platform to help Oasis projects reach its expanding ecosystem.
ROSE was trading at $0.4, down 3.2% on the day at writing.
