The price of the Oasis network is now seeing a range-bound movement, encountering resistance at the midline of a bearish technical formation located at $0.0405.
The price of #ROSE has the potential to decline to $0.0337, which is 15% lower than its present value, because to the prevailing sluggish trend.
The bearish perspective would be invalidated if the cryptocurrency were to surpass and maintain a closing price above the resistance level of $0.0535.
The $ROSE token, which serves as the driving force behind the Oasis Network ecosystem, has garnered significant attention on the crypto X platform. This surge in interest is mostly down to discussions surrounding the Oasis Engineering team's intensified efforts to expand the network. The network's actions have strategically positioned it at the forefront of web3, which is widely regarded as the prospective future of the internet.
The engineers at Oasis Network are intensifying their efforts in the pursuit of development projects.
The Oasis Network is a blockchain platform that is highly regarded for its versatility and scalability in handling intricate tasks. It distinguishes itself by incorporating privacy features, allowing users to maintain control over their data through the use of confidential computing. The platform exhibits a significant level of data processing capacity and minimal costs associated with petrol fees, characteristics that contribute to the improvement of transactions in real-time. A forthcoming functionality has garnered significant attention for the ROSE token, since it enables users of the Oasis Network to conveniently switch between Consensus and Sapphire on their mobile devices in the near future.
As the network prepares for significant network upgrades, proponents of the ROSE cryptocurrency are advocating for its upward movement. However, the potential for price appreciation of the Oasis Network is constrained by substantial resistance at higher levels.
The potential for an upward movement in the price of Oasis Network might serve as a positive signal for long-term investors. However, it is important to note that the current trend for Oasis Network (ROSE) price is bearish, as shown by the obstacle posed by the midline of a falling parallel channel. The observed technical pattern exhibits a bearish formation, indicating a potential downward movement for the asset ROSE, provided that the price continues within the established parameters.
Given that the Relative Strength Index (RSI) remains below the 50 midline and the Awesome Oscillator (AO) continues to indicate negative values, the prevailing likelihood continues to support a downward trend. The presence of strong opposition along the central axis of the channel, bolstered by the $0.0435 level, may result in a decline in the price of Oasis Network, perhaps reaching the support level of $0.0337.
On the contrary, in the event that sidelined investors enter the market, there is a possibility for the Oasis Network price to see an upward trend. The potential occurrence of a significant upward movement over the price level of $0.0435, followed by a subsequent resistance caused by the 50-day Exponential Moving Average (EMA) at $0.0458, may result in the validation of the cryptocurrency from its negative technical pattern.
In a scenario characterised by strong market optimism, Oasis Network may present an advantageous opportunity for investors to enter the market at a price above the supply barrier ranging from $0.0501 to $0.0535. This would be accompanied by a shift in the 100-day Exponential Moving Average (EMA) at $0.0546, which would transition from a resistance level to a level of support. The likelihood of an uptrend would be enhanced if there is a definitive candlestick closure above this level, perhaps leading to the attainment of the psychological level of $0.0800.
