ROSE Technical Analysis: Will ROSE Drop To $0.060 Support?
Table of contents
Key Technical Points:
Past Performance of ROSE
The ROSE prices showcased a significant inflow last week amid the US FED interest hike announcement, as it rebounded from the $0.042 support level. The resulting rally displays five consecutive green candles, registering an 84.3% gain. The bull run at breakneck speed hit the overhead resistance of $0.086 and the 100-day SMA resulting in deceleration with higher price rejection candles.
Source - Tradingview
ROSE Technical Analysis
The ROSE chart showcased long-wick rejection candles at $0.088, indicating the buyers are exhausted from the sudden rally. Thus, the coin price triggers a minor correction which has tumbled the price 11.3% down to the current level of $0.078.
Despite the bearish reversal from the 100 SMA, the bullish influence grows over the 50 SMA resulting in a positive turnaround.
The RSI slope reverted from the overbought level neckline bolsters the requirement of a correction phase. However, if the indicator line sustains above the midline despite a correction, it would indicate the market sentiment is still positive.
The MACD indicator shows a slight downward curve in the fast line in response to the falling price. A potential bearish crossover would encourage the retracement rally to extend.
In a nutshell, the ROSE technical analysis suggests a pullback opportunity, which may allow sideline buyers to enter at discounted rates.
Upcoming Trend
If the selling pressure persists, the ROSE price will extend the ongoing correction to $0.71 or $0.6 support. Moreover, the 20-day EMA nearing the $0.71 mark will give confluence support to resume the prevailing theory.
Conversely, a daily candlestick closing below $0.6 will invalidate the bullish thesis.
Resistance Levels: $0.086 and $0.10
Support Levels: $0.070 and $0.060