The Oasis Network (ROSE) price signaled the end of its assumption phase when the buyers breached the overhead resistance of $0.38. The altcoin showcased 45% growth in the last three weeks and provided another breakout opportunity if the price sustains above $0.38.
Key points:
- ROSE chart shows the morning star candle on the monthly time frame chart
- ROSE price provides a bullish breakout $0.3 psychological level
- The intraday trading volume in the Oasis Network token was $244 Million, indicating a 171% gain
Source- Tradingview
On March 15th, the ROSE price retested the January bottom support at $0.2. The following bullish engulfing candle validated that the traders were accumulating at this dip and triggered a new recovery phase.
The rising bullish momentum drove the altcoin by 34%, hitting the $0.3 mark. The sellers attempted to stall the bullish rally below this resistance, resulting in a minor consolidation last week.
However, during the recovery phase, the buyers reclaimed a cluster of several EMAs(20, 50, 100) which supported the price by 14.4% on Sunday. This massive green candle sliced through the overhead ceiling and provided a weekly closing above $0.3.
Today, the ROSE chart shows a Doji-retest candle hovering above the breached resistance, with an intraday loss of $1.5%. If buyers defend the new flipped support during the week, the upside rally could surge 27.75% to $38.8.
However, the bullish thesis will be invalid if sellers force a candle closing below the 200-day EMA.
Technical indicator
The downsloping 50-and-200-day EMAs are now moving sideways, indicating a considerable loss of downside momentum. Moreover, the rising 20-day EMA triggers a bullish crossover with 200 EMA, suggesting the buyers would gradually take the lead.
The MACD indicator was nearing a bearish crossover during last week’s consolidation. However, the breakout from $0.3 prevented the=is bearish signal and kept the bullish sentiment going.
- Resistance levels- $0.336, and $0.38
- Support levels- $0.3 and $0.26
Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Source: https://coingape.com/markets/rose-price-prediction-is-0-38-next-for-rose-price/