ROSE Technical Analysis: Bulls Overtake Trend To Reach $0.50
Oasis Network (ROSE) is a blockchain that is privacy-focused and designed to promote the open economy of finance as well as a sustainable data economy that utilizes the Cosmos SDK.
This will enable Oasis to work with an ecosystem that is part of Cosmos (ATOM)-enabled blockchain once the Inter Blockchain Communication Protocol launches.
Let us move ahead to read about ROSE technical analysis.
Past Performance of ROSE
The ROSE coin price grew more than 25% in the past four days leading to the breakout of the falling channel. Moreover, the 95% gain in the intraday trading volume shows a growth in the buying pressure. The increasing frequency of the bullish engulfing candlesticks increases the overall bullish attention for the coin despite the falling markets.
ROSE Technical Analysis
The ROSE coin price reverses the rejection from $0.45 and breaks above the falling channel pattern. Moreover, the rally finds support from the 50% Fibonacci retracement level to overcome the selling pressure. That is why the increasing underlying bullishness teases a bull run above $0.45.
The crucial EMAs (50, 100, and 200) in the daily chart maintain a bullish alignment, and the 50 and 100 day EMAs overcome the reversal to avoid the bearish crossover.
The ROSE price action indicates resistance at $0.40 and $0.45 above the current prices. The support levels are at $0.37 and $0.32. However, a retracement to the falling channel’s resistance trendline is possible as a retest of the breakout.
The RSI indicator at 58% shows a spike in the slope as it crosses above the central mark in the daily chart. Moreover, the 14-day SMA maintains a gradual growth as it attempts to reach the 50% mark. Therefore, it indicates a rise in underlying bullishness.
The Stochastic RSI indicator shows a growth in the K and D line in the overbought zone after the bullish crossover below the 80% mark. Therefore, the growing lines suggest a boom in buying pressure.
Upcoming Trend
The ROSE technical analysis shows a bullish breakout of the falling channel and the increasing bullish candles indicate a boom in buying pressure. Moreover, the technical indicators and the price action suggest a bull run above $0.45.
However, a possible retest can lead to a retracement to the falling channel’s resistance trendline. Nonetheless, an uptrend to $0.50 can be seen in 2022.