ROSE crypto price witnessed retracement and displayed a falling wedge pattern on the charts. Moreover, the price action saw profit booking, and the token supported the 100-day EMA, and a rebound was noted in the last session. The token needs to escape the trendline of $0.1100 to initiate a buying action. Otherwise, bears will continue to stretch the token toward its 200-day EMA region for the following sessions.
The ROSE token price is trading below the 20-day and 50-day EMA mark and is revealing a correction from the top. Moreover, the price action signifies the lower highs and lower lows despite the uptrend on the charts. The token may switch the gains and rebound above $0.1100 in the upcoming sessions. Per the Fib zone, the ROSE price is on the verge of the 38.2% zone and tries to hold the gains.
The price of the cryptocurrency was $0.1057 at press time, with an intraday gain of 5.87%, showing a pullback. Moreover, the trading volume increased by 3.30% to $15.75 Million, highlighting investor interest. The pair of ROSE/BTC was noted at 0.00000247 BTC, and the market cap is $159.21 Million. Analysts are bullish and suggest that the ROSE price will attain a rebound and may retest $0.15000 soon.
The ROSE Price on Daily Charts Displays a Falling Wedge Pattern
On the daily charts, ROSE price has slipped from the highs and is witnessing profit booking in the last sessions. The token has breached its 20-day and 50-day EMA levels, which signifies the sellers’ intention of throwing back lower. Meanwhile, the token is at its support zone and bulls have held the gains. Additionally, the trend is neutral, and the technicals did not indicate any further selloff.
The RSI curve slipped below the midline, forming a negative crossover that implies selling pressure in the last sessions. The MACD indicator shows a bearish crossover and formed red bars on the histogram. It suggests that the token may face volatility and will try to escape the trendline hurdle of $0.1100 in the following sessions.
The ROSE Crypto Price has Retested Breakout Region on Weekly Charts
On the weekly charts, the trend is strong and the token has retested its support zone of $0.1000 in the recent sessions. Furthermore, the bulls have managed to sustain the gains, formed a hammer candlestick, and pulled back from the 20-day EMA mark. Moreover, the token may rebound and spray gains above $0.1500 soon.
Summary
The ROSE price took support on the 100-day EMA mark and showed a pullback in the last session. Moreover, the token signals buying momentum and is ready to flip the trend amidst the market volatility. Furthermore, the token is close to its support zone of $0.1000 and sellers have started covering their positions.
Technical Levels
Support Levels: $0.1000 and $0.0900
Resistance Levels: $0.1200 and $0.1500
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto or stocks 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.
Source: https://www.thecoinrepublic.com/2024/02/02/rose-price-prediction-will-rose-extend-pullback-above-0-1100/