The Oasis Network (ROSE) has been making headlines in the cryptocurrency world as of late, experiencing a significant hike of 20% with over 200% trading volume, according to data from BeInCrypto.
The recent surge in the value of ROSE has generated a lot of excitement among investors and traders, who are eager to understand the driving forces behind this uptrend.
Oasis Network (ROSE) Price Prediction
Many factors can play a role in the price growth of cryptos. Still, it is crucial to keep an eye on market conditions and technical indicators to determine whether an uptrend is sustainable or if a price correction is imminent.
In the case of ROSE, the uptrend experienced over the past few days could be slowed by a bearish RSI divergence and a crucial resistance level.
ROSE managed to reclaim its November level, but faced an immediate price rejection, forming a bearish order block at $0.077. This rejection led to a correction, but bulls were able to find steady ground and launch a massive recovery.
As per Coinglass, ROSE saw a sharp increase in the open interest (OI) rate over the weekend. It corresponded with the break above the bearish order block of $0.072, boosting the uptrend.
However, there are some warning signs that the uptrend experienced by ROSE could be short-lived. A price rejection at the $0.080 resistance level, alongside a drop in OI, could indicate bearish momentum. Consequently, a steeper correction could be in store for ROSE.
If this were to happen, Oasis Network’s ROSE token could nosedive toward $0.062 or even $0.057.
On the other hand, if the OI continues to surge, this could give the bulls the power they need to overcome the $0.080 hurdle and invalidate the bearish trend prediction. This price action could trigger an upswing to $0.094 or even $0.10.
BeInCrypto strives to provide accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. You comply and understand that you should use any of this information at your own risk. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.