- Derivatives market metrics indicate a strong bullish sentiment.
- On-chain data showed increased address activity and strong investor confidence.
Amid the relief rally in the crypto market, the Oasis (ROSE) experienced a notable surge from the demand zone. This happened as Bitcoin (BTC) surged to $60,000, and its stabilized gains sparked optimism.
Since then, the ROSE price has attracted attention with a notable 25% gain in a short period. This significantly boosted investor portfolios. Following this trend, the token experienced an intraday surge of 10%.
The strong momentum brought the price close to the 50-day EMA band and moved through the 20-day EMA band. When writing, the ROSE crypto tested a crucial support zone at $0.04900, recording gains this week.
However, after BTC’s significant intraday performance, some turbulence near the $60,000 level has been observed. Continue reading for more insights on whether the ROSE price will continue to rise despite broader market fluctuations.
A Staggering Volume Spike Witnessed in ROSE Price
The volume analysis for ROSE crypto revealed a remarkable surge in trading activity, with volume surpassing $47 Million. This amounted to a 300% increase from the previous day.
This level of trading volume was last seen on August 5th, 2024. The detailed volume chart indicated a sharp rise, suggesting that the current trend may persist in the near future.
Current market metrics have supported this ongoing price surge on the daily chart. It indicated a positive outlook for ROSE crypto traders and investors.
ROSE Crypto’s Derivative Market Analysis
Per Coinglass, ROSE crypto’s open interest has surged to $14.92 million, a 32.29% increase from the previous session. The 24-hour long/short ratio is 0.9716, showing more short positions than long ones.
Similarly, ROSE’s OI-weighted funding rates have risen to a positive 0.0095%. This indicated growing market optimism. Traders are increasingly betting on a potential rise in the ROSE price.
In the past 24 hours, derivatives volume has skyrocketed by 362.11%, reaching a total traded value of $52.33 Million. This surge reflected the growing demand for ROSE in the derivatives market.
Additionally, $57.87K worth of short positions were opened, while $23.33K in long positions were liquidated intraday. This scenario suggests a positive outlook for Oasis crypto.
These metrics highlight a strong bullish sentiment for ROSE, confirming the recent intraday price surge. The increase in open contracts and higher short-side indicates future optimism in the ROSE price.
Fundamental Data Showcases Optimism in ROSE Price
According to CoinMarketCap, 70% of ROSE tokens are circulating out of 10 billion. The top 20 holders possess the majority of these tokens. Moreover, when expanding the list, the top 100 holders own 75.78% of the supply.
Despite the price drop in the second quarter of 2024, the number of holder addresses has continued to rise. It suggested a “buy-on-dip” trend. This shift has resulted in many tokens moving from retail to larger investors. As of now, there are 322,501 holder addresses in total.
Oasis has a strong presence on X. Its account has been active for 5 years and 2 months and has boasted 287,334 followers. In just one day, it gained 11 new followers. This highlighted ROSE Crypto‘s ****established presence in the crypto community.
Additionally, Oasis’s GitHub account, active for over 5 years and 2 months, has earned 516 stars from the developer community. This privacy-focused crypto has a security score of 79.45 and an ‘A’ tier security class rating.
The growing social presence could positively impact ****Oasis’s price. Moreover, increased user participation may drive demand and help boost the value of ****ROSE crypto.
Decoding the ROSE Price Chart & Finding the Next Move
ROSE crypto showed a strong recovery from the last quarter of 2023 to the first quarter of 2024. However, a falling wedge pattern was entered in the second quarter, which continued into the third quarter.
However, ROSE entered the final month of the third quarter. The token has shown signs of revival, bouncing back from a critical level of around $0.04900 on the daily chart.
The asset is displaying bullish potential, staying above the 20-day EMA. With increased bullish interest, ROSE could break through the 50-day and 200-day EMA bands as it moves upward.
As per the ROSE price prediction, in the short term, it is poised to rise towards the upper border of the wedge. Bulls are working hard to overcome resistance levels and push the price to new heights from the current support zone.
The asset shows bullish strength, with the RSI above 50 at 58.74, indicating it is still in positive territory and could move higher. If the price crosses the 50-day EMA, the short-term target could be near the upper border at $0.08500.
Suppose the token passes the 200-day EMA and upper border. It could set targets at $0.1050 and $0.1400, respectively. However, if the ROSE price fails to break these levels, it may continue consolidating.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
