Oasis Network (ROSE) is in a downtrend after charting a new ATH, despite bullish fundamentals.
The downside risks likely stem from traders looking to sell the news.
NEW DELHI (CoinChapter.com) — Oasis Network’s native token ROSE has enjoyed a steady uptrend since July 2021. The platform gained over 40% in Dec and is up nearly 18% in Jan. However, selloff risks abound, as it seems traders are likely to seek profits from ROSE’s recent record highs.
Meanwhile, ROSE’s price action is moving inside a rising wedge pattern. In detail, two converging trendlines joining higher highs and higher lows of an asset’s price movement form a rising wedge pattern. Moreover, the pattern often signals an imminent downside breakout.
ROSEUSD on the daily charts with RSI. Source: Tradingview.com
The price pulled back from the upper trendline of the wedge pattern, suggesting ROSE could fall to the lower trendline, which would result in a pullback of nearly 30% from its current prices. As a result, the Oasis token could reach $0.35 before rebounding from the wedge’s lower trendline.
However, ROSE has immediate support near the $0.493 price level. If traders continue to sell, ROSE prices could reach $0.435, a support level just above the token’s 26-day EMA line. In addition, the Oasis token’s 50-day MA line lends support near the lower trendline of the wedge pattern.
On the other hand, ROSE faces resistance near $0.57. Moreover, the Oasis token could reach a new ATH if it begins another uptrend, targeting a $0.63 resistance level.
ROSE Downtrend Risks
ROSE rallied nearly 101% after reacting to news of its FTX listing, indicating traders bought the hype leading up to the listing. However, once the Oasis token reached its ATH ($0.608), it began a downtrend that took 19.6% from its ATH price level, pushing it to Jan 17’s low of $0.49.
The Oasis token’s relative strength index pulled back after reaching overbought levels on Jan 14. An overbought RSI usually indicates a trend reversal in the works for an asset. RSI for ROSE is currently neutral, clocking 61.68 on the daily charts.
However, the Oasis token might succumb to the selling pressure coming from the confluence near-overbought RSI and profit-taking by retail traders.
ROSEUSD on the daily charts with MACD. Source: Tradingview.com
Meanwhile, the momentum oscillator MACD is indicating strengthening bearishness in ROSE’s price momentum. 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), is painting contracting bullish bars.
Contracting positive bars indicate that bullish momentum is weakening for ROSE.
Oasis Network Listed On FTX
FTX, a crypto derivatives exchange, announced listing Oasis Network’s native token ROSE Perpetual Futures on its platform. The ROSE/PERP trading pair would start trading on Jan 17 at 14:00 (UTC).
— FTX – Built By Traders, For Traders (@FTX_Official) January 16, 2022
Other fundamentals for the Oasis Network come from a series of successful projects on Emerald, the network’s EVM Compatible ParaTime providing a smart contract environment. In addition, the platform offers low-cost token swaps on Ethereum and supports NFTs and token asset transfers from other blockchains through Oasis Network.
For example, Yuzuswap, the first decentralized exchange on the Oasis Network, hit $100 million in Total Value Locked in the first 24 hours of its launch. The DEX currently has a TVL of $116 million.
ROSE was trading at $0.514, down 1.7% on the day at the time of writing.
A Delhi-based Markets writer, I did my bachelor's in engineering with major in electronics and communications. I first heard of bitcoin while writing an article about blockchain technology a few years back, and have been following it ever since. Bitcoin may well be current big thing happening in the finance industry, and it feels like the right time to join the crypto bandwagon.
The recent decline in the cryptocurrency market has extended to the decentralized finance (DeFi) space as the total value...
Our Partners
We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept”, you consent to the use of ALL the cookies.
This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
Cookie
Duration
Description
cookielawinfo-checbox-analytics
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checbox-functional
11 months
The cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checbox-others
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-necessary
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-performance
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy
11 months
The cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.