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The ROSE price is currently trading at $0.0629 while seeing a change of 14.26% in 24-hour trading volume. - 2
The ROSE price has been observing an increase of 5% in the last 24 hours.
The ROSE price is currently trading within a sideways range below 200 EMA. Both buyers and sellers are at present attempting to take control of the market. The direction of the trend that the ROSE price can make will be decided by the breakout of the current consolidation pattern. Although the price at present is facing severe resistance in the form of 200 EMA while it is taking support from the 100 EMA.
The price of ROSE will require fierce buyer support in order to make a bullish breakout. On the contrary ROSE price is under a strong selling pressure which is being supported by the critical resistance from the 200 EMA. Hence the buyers may have to make significant attempts before making a positive breakout.
Rose price trading within a range under 200 EMA
In the previous analysis, analysts predicted that price can make a bearish correction. According to it, the ROSE price was making a bearish pattern indicating a trend reversal. RSI oscillator was also supporting this fact as it was making a bearish divergence. This was proven correct when after breaking the wedge pattern the price made a sharp downfall of 28% and followed by a bullish rally it started moving under a consolidation.
The ocilators are currently moving in contrast to each other where the RSI is trading above the 14 SMA. The RSI is trading near the supply zone making bearish signals. The RSI line is moving above the median line and 14 SMA gives small movements in accordance with the price action. The current value of the RSI is 56.40 points receiving support from the 14 SMA at 52.15 points.
The Stochastic RSI is trading around the supply zone where the blue and red lines are giving a bearish interception. The current value of the Stochastic RSI is 95.44 points trading above the demand zone. The stochastic RSI is giving strong indications of making a bearish reversal, which can make prices correct in the coming days.
Conclusion
As of now, the price seems to be in the bear’s favor. The price is currently facing severe resistance from the 200 EMA and trading near the supply zone of the consolidation channel. This suggests that the price can make a bearish move in the near future. RSI, Stochastic RSI, EMA’s, and price action, support the bearish move of ROSE price in future.
Technical levels –
Support -$0.05000 and $0.04500
Resistance – $0.07000 and $0.08000
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2023/04/14/rose-price-analysis-will-rose-price-take-a-bearish-reversal/