The primary asset of Oasis Network, ROSE, is exhibiting indications of reversing its downward trend. This shift is illustrated by a rounding bottom pattern and is supported by the golden cross of the 50-day and 200-day Exponential Moving Averages (EMA), a well-known bullish signal in technical analysis.
What Drives ROSE’s Uptrend?
Despite a general market slowdown and increasing selling pressure, ROSE’s price is defying the trend. The asset’s positive momentum is driven by heightened demand as it transitions from a corrective phase to a bullish rally. Experts predict that ROSE may reach the psychological threshold of $1 within the year.
The uptrend was initiated by a significant rebound from the support level at $0.080, which helped ROSE reclaim the key psychological level of $0.10, thereby boosting market sentiment. Currently, the altcoin’s market capitalization is nearing the billion-dollar mark, indicating rising investor confidence.
Can ROSE Maintain Its Upward Momentum?
On the daily chart, ROSE forms a rounding bottom with a resistance zone neckline at $0.1315, corresponding to the 50% Fibonacci retracement level, making it a critical supply area. A bullish breakout above this level could trigger a substantial price increase. Presently, ROSE is trading at $0.12305, registering a 1.86% intraday gain, and has surged nearly 50% over the past 30 days.
Several technical indicators support this recovery. The Directional Movement Index (DMI) shows VI lines in bullish alignment and a rising Average Directional Index (ADX), indicating a strengthening recovery rally. Additionally, the 50-day and 200-day EMAs are poised for a golden cross, often signaling significant upward price momentum.
What Should Investors Consider?
– Monitor the $0.13152 resistance level for potential breakout opportunities.
– Watch for the golden cross in the 50-day and 200-day EMAs as an indicator of continued upward movement.
– Consider the 78.60% Fibonacci retracement level at $0.1606 as the next significant price target, indicating a possible 30% increase.
If the recovery rally persists, a breakout above the $0.13152 resistance will create a valuable buying opportunity. This breakout could propel ROSE to the 78.60% Fibonacci level at $0.1606, equating to a potential 30% upward move.