- ROSE/USDT lost 11.47% in the last 3 Months.
- ROSE/USDT recorded a Year-To-Date Performance of 44.42%.
OASIS NETWORK is trading at $0.04941. The price is up 1.19% in the last 24H. The 24H trading volume saw a fall of 36.91%. The Total Market Cap is $283,207,326.
OASIS NETWORK prices have been sliding down since April. The Bears began dominating after the market failed to break the resistance at $0.08184. ROSE lost 37.50% since the downfall. The prices briefly broke the support of 0.04637 before getting a recovery of 16.84% from the swing low.
A moderate recovery from the support.
As per the daily chart, the prices are crumbling down and the market structure represents a strong Downtrend. ROSE is 15% below the daily 200 EMA. Prices are trading at a crucial level. A breakdown from here can result in a decline of 28% before finding support at $0.03335.
Since the market is in a downtrend, the probability of such a decline is on the higher side. The moderate recovery is trying to establish the strength of this support level. A continuation of this bounce can be possible if the Bulls manage to break the resistance at $0.05787. This will add to the possibility of the market reaching $0.08.
The 4h Chart Shows a short term uptrend
On the 4h Timeframe, ROSE appears to be in a minor consolidation phase. The prices are moving around the 200 EMA. It’s a common characteristic of a sideways market. The market is fighting to decide a direction and only time can tell where the market will continue to move.
The consolidation phase is always followed by volatility. The Technical indicators are conveying that the minor uptrend is losing momentum. The dropping value in RSI is conveying a loss of strength in the market. ROSE will give a clear direction when the momentum is restored and the price moves away from the 200 EMA.
RSI: The RSI indicator is currently at 41.50 on the 4H. This indicates bearish to sideways conditions.
MACD: The MACD indicator has made a bearish crossover but the indicator is above 0.
The market will stay more biased towards the bullish side as long as the indicator is above the 0 line. At present the indicator is suggesting a lack of strong momentum and a sideways market
200 EMA: As observed, on the 4hr, the price is trading around the 200 EMA(exponential moving average) . This means the market is sideways and will need time to choose a direction.
Conclusion:
OASIS NETWORK is trading in a strong downtrend. ROSE managed to get a moderate recovery from a key demand zone. The short-term chart represents sideways market conditions. A successful break of the immediate resistance will dictate a more bullish scenario. A breach of support will extend the bear market. One thing is for sure, the upcoming volatility which will bring exciting opportunities along with high risks.
Technical levels
Support Levels: $0.04637 – Support 1
$0.03325 – Support 2
Current Price: $0.04941
Resistance Levels: $0.05787- Resistance 1
$0.06580 – Resistance 2
Disclaimer:
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Dr. Naveen Singh is an entrepreneur with achievements in sports, academics, healthcare, innovation, blockchain technology, telecommunications, and philanthropy. He is the Co-Founder and Chief Executive Officer (CEO) of Inery, the first layer-1 blockchain programmed for database management. With Inery, he aligns with his vision of a new paradigm for data to empower web3 and complete decentralization.