- Oasis crypto retested the supply turned demand zone at $0.104 after a breakout.
- The social dominance and social volume curve has been heading upwards, highlighting a surge in the demand.
The Oasis (ROSE) crypto has recently captured the attention of investors after breaking out of a correction phase. The bulls are sitting at a weekly profit of 17.62% and a monthly return of over 32.9%.The successful retest of the previously resistant zone, which has now become a supportive demand zone, underscores the bulls’ control, especially at lower price levels.
The ROSE crypto has started forming the higher highs and higher lows signaling a potential continuation of its recovery from past losses in the forthcoming trading sessions. Moreover, there has been a significant development in the social engagement metrics, including social dominance and volume, pointing to growing interest and discussion within the community.
Social Dominance and Social Volume Surpassed Monthly Highs
Mid-May, during broader market recovery, Oasis (ROSE) crypto stabilized near the $0.8 level indicating a bullish reversal. The price then continued to form higher lows patterns and made a breakout of the crucial supply of $0.01 thus marking an end to a correction phase.
Moreover, there has been a notable development in the social engagement metrics like social dominance and social volume. As per the data obtained from a financial website app.santiment.net, the social dominance curve was headed upwards and has surpassed the monthly high marks.
The social dominance and volume reflect shifts in the crypto’s awareness and popularity among its user base. Platforms like Twitter, Instagram, and Facebook serve as conduits for expanding the crypto’s visibility and appeal.
An uptick in these social metrics typically correlates with increased user engagement, suggesting a growing demand for the cryptocurrency. This trend often translates to a favorable influence on its market price.
Technical Analysis Of Oasis (ROSE) Crypto.
From a technical point of view, the price has surpassed the dynamic resistances of 50 and 200 day EMAs marking an end to a correction phase. The long term trend has turned bullish above the 200 day EMA.
Moreover, a bullish crossover of the 50 day and 200 day was observed on the daily chart indicating the continuation of a bullish trend. The short term traders and investors may target the higher supply of $0.13 as the next profit booking zone.
At the time of writing, the RSI line was placed at 64.8 points whereas the 14 day SMA line was placed at 60.51 points. Both the RSI and SMA line have surpassed the mean line suggesting a bullish continuation.
Conclusion
Oasis (ROSE) crypto has made an impressive rally breaking out of a correction phase. The price currently hovers close to $0.119 with significant gains, boasting a weekly profit of 17.62% and a monthly increase of 32.9%.
Moreover, the social engagement metrics are up, indicating increased community interest. From a technical point of view, Oasis has breached key moving averages, signaling a bullish long-term outlook. Current indicators like the RSI and SMA support this positive momentum, hinting at continued upward movement in the market.
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 or stock comes with a risk of financial loss.
