ROSE Technical Analysis: Bull Run Continues After $0.45 Breakout
Oasis Network (ROSE) is a privacy-oriented Layer 1 blockchain. It aims to promote an open economy of finance and a sustainable data economy by using the Cosmos SDK. It is created by Dawn Song, an extremely rare instance of a blockchain-based company created by a woman.
Dawn Song is a professor in the Department of Electrical Engineering and Computer Science at the University of California at Berkeley. She has spent a lot of time researching and creating technology for privacy and security.
Let us move ahead to read about ROSE technical analysis.
Past Performance of ROSE
In the last ROSE technical analysis, the breakout of the falling channel and a reversal from the horizontal level at $0.32 indicated the start of a bull run. Coming true, the coin price breaks above the previous high of $0.45. The coin price has increased by 30% in the past 36 hours leading to a follow-through candle of an extremely bullish candle.
Therefore, traders can expect the coin price to continue a bull run above $0.50.
ROSE Technical Analysis
The ROSE coin price shows higher price rejection from $0.50 as the buying pressure failed to sustain. However, the 100% jump in the intraday trading volume suggests the possibility of increasing buying pressure to surpass $0.50.
The crucial EMAs (50, 100, and 200) show a bullish alignment as the price rises above all the daily EMAs. Moreover, the constant support from the 20-day EMA helps maintain the uptrend.
The RSI indicator at 67% shows the slope spiking higher to reach the boundary of the overbought zone. Moreover, the slope of the 14-day SMA reverses indicating a rise in underlying bullishness.
The MACD indicator shows a bullish crossover as the MACD and signal lines as the MACD line spikes all of a sudden. Therefore, the indicator suggests a high possibility of a bull above $0.50.
The ROSE price action indicates a resistance pivot level at $0.50 and $0.65 above the falling wedge. The support levels are at $0.45 and $0.40 which can halt the downfall.
Upcoming Trend
The ROSE technical analysis shows a high possibility of a bull run above the horizontal level at $0.50. Moreover, the increasing buying pressure evident by the jump in trading volume can shortly overcome selling at $0.50.
Therefore, traders can shortly find a bullish entry opportunity at current prices with a target of $0.75.