Key Takeaways:
- Oasis Network’s native token, ROSE, charted a new record high on Sunday.
- The uptrend comes on the back of the network’s partnership with Meta Platforms Inc.
NEW DELHI (CoinChapter.com) — Data privacy and user confidentiality focused smart contracts platform Oasis Network’s native token, ROSE, recorded a new ATH on Nov 21.
The Oasis token has had a tremendous Nov, gaining 170% between low ($0.1742) to high ($0.4709) levels. Moreover, ROSE’s current bull run has pushed its prices to a new all-time high, with the Oasis token nearly doubling its prices in the week starting Nov 15.
ROSE price fell prey to market corrections after reaching their new ATH of $0.4709, probably brought on by profiteering retail traders. Further upside movement could face resistance near the ATH level at $0.4750. If the uptrend continues, ROSE prices could reach $0.5265.
A sustained bullish uptrend could bring ROSE prices $0.6042 before any pullback occurs.
On the other hand, if the uptrend fails, the Oasis token could find support at $0.3432. If the wider market panics, a sell-off would pull prices down to $0.3000 before recovering. Finally, if the sell-off continues, support at $0.2640 would come into play.
Also Read: Oasis Network’s ROSE dumps 40% in just three days; Is it now a buy?
However, the relative strength index for ROSE is 77.08, putting the token in the overbought region. When a token’s RSI is above 70, a trend reversal favoring the bears is likely around the corner.
Furthermore, momentum oscillator MACD is strongly bullish for ROSE. Bars on the MACD histogram, which plots the difference between the MACD line (difference between 12-day and 26-day EMA) and the MACD signal line (9-day EMA of MACD), have been positive since Nov 3 and continue to rise.
What’s Driving Oasis Network’s(ROSE) Bullrun?
After raising $45 million in 2018, Oasis Network had remained almost dormant. However, the privacy-centric platform has recently roared back to life. On Nov 17, Oasis introduced a $160 million Oasis Ecosystem Fund.
To launch the fund, the Oasis Foundation has partnered with several major venture capital (VC) firms, including AME Cloud Ventures, Dragonfly Capital Partners, FBG, Jump Capital, Pantera Capital, etc. In addition, the fund would help support early-stage projects on the Oasis network.
Also Read: Overlord (LORD) crypto token tanked despite play-to-earn sector FOMO.
The projects can be of DeFi, NFT, Metaverse, gaming, and other Web 3.0 applications.
Furthermore, Oasis Network hosts ParaTimes, sidechains with different applications that rely on the same consensus mechanism. For example, an upcoming ParaTime called Emerald would facilitate the easy porting of Ethereum Virtual Machine projects. Moreover, a ROSE coin liquidity mining program might be in the works as well.
In other news, Oasis Network announced a partnership with the AI unit of Meta Platforms Inc (formerly Facebook Inc.) to work on ‘secure computing technologies in AI.’
More details on the partnership will become public in early 2022. The great brand association that Meta brings into the partnership will help expand Oasis Network’s reach while also helping fuel ROSE’s bull run.
At the time of writing, ROSE coin was trading at $0.4286, up 44.6% on the day.
