Oasis Network Price is Under Selling Pressure, What’s Next?

Oasis Networks (ROSE) is basically, a blockchain platform that encourages and allows developers to create fast, secure, and private business applications (dApps) that protect user data.

On the Oasis Network’s Cipher ParaTime, nodes use an advanced and cutting-edge technology called a Trusted Execution Environment (TEE) to execute confidential smart contracts in a separate, secure environment.

Moreover, the TEE works as a black box, encrypting the data before it enters, processing it via the smart contract, and then encrypting it again before it leaves. T

This ensures that the data stays confidential and is not accessible to either the node operator or the app developer.

The Oasis Network (ROSE) derivative data analysis highlights that the open interest is $16.81 Million. As per Coinglass, another crypto analysis website, it fell by 4.15% in the previous session. The long versus short ratio for 24 hours is 0.9175. The short liquidation is $418.84 versus $244.41 for the long liquidation.

Oasis Network (ROSE) on the Daily Chart

The Oasis Network crypto had a remarkable recovery as the price turned around from the key level of around $0.04500.

The ROSE asset has advanced higher and showed bullish spikes on the daily chart. It accomplished very good results in the previous quarter by 93.52%, indicating a consistent upward movement.

However, the ROSE crypto has shown a sign of deterioration earlier – the price sank from a vital level of around $0.15000 on the charts.

The Oasis Network crypto is headed for a steep fall, as it fails to break the resistance level and falls to new lows by breaking previous swing lows and declining along the downward trend line steadily.

The asset is demonstrating bearish features and can lose more value. It has shown bad price performance in the past week, and past month, by 15.69% and 26.26% respectively, indicating a robust downward trend.

ROSE fell 1.51% in the last 24 hours, trading at $0.09821 and facing resistance from the trendline, and the overall price action sentiment seems stronger on the bearish side.

Therefore, if the ROSE crypto price fails to remain above the $0.08000 level, it could drop further.

However, if the demand for ROSE rises, the asset price could rebound from the current level and could break the trendline as well. The next target for the price is to reach $0.12000.

The Oasis Network asset is bearish and has more space to drop as it falls below major 20 and 50-Day EMAs.The ROSE asset is exhibiting bearish traits as the MACD is at -0.00479 with a bearish crossover with a broadening width of the histogram as well.

Meanwhile, the RSI is at 40 is falling smoothly, implying that the Oasis network asset is losing momentum and can reach new lows.

Summary

The ROSE crypto has shown a sign of deterioration earlier when the price sank from a vital level, the Oasis Network asset is bearish and has more space to drop as it falls below major 20 and 50-Day trend EMAs.

Therefore, if the ROSE crypto price fails to remain above the $0.08000 level, it could drop further.

Technical Levels

Support Levels: $0.08000

Resistance Levels: $0.12000.

Disclaimer

In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.

Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.