Is $0.38 next for the ROSE price?

The price of the Oasis Network (ROSE) signaled the end of its assumption phase as the buyers broke above the overhead resistance of $0.38. The altcoin has shown 45% growth over the past three weeks and has provided another breakout opportunity if the price holds above $0.38.

Key points:

  • The PINK chart shows the morning star candle on the monthly chart
  • ROSE price provides a $0.3 bullish breakout at the psychological level
  • Intraday trading volume in the Oasis Network token was $244 million, indicating a gain of 171%

TradingView ChartSource- Commercial view

On March 15, ROSE price retested the January lower support at $0.2. The following bullish engulfing candle validated that traders were accumulating at this low and triggered a new phase of recovery.

The growing bullish momentum sent the altcoin up 34%, hitting the $0.3 mark. The sellers tried to lock the bullish rally below this resistance, which led to a minor consolidation last week.

However, during the recovery phase, the buyers recovered a cluster of several EMAs (20, 50, 100) which supported the price by 14.4% on Sunday. This massive green candle broke through the ceiling and provided a weekly close above $0.3.

Today’s PINK chart shows a Doji-retest candle hovering above the broken resistance, with an intraday loss of 1.5%. If the buyers defend the new inverted support during the week, the rally up could jump 27.75% to $38.8.

However, the bullish thesis will be invalid if the sellers force a candle to close below the 200-day EMA.

Technical indicator

The 50- and 200-day downward sloping EMAs are now moving sideways, indicating a considerable loss of downside momentum. Moreover, the rising 20-day EMA triggers a bullish cross with 200 EMA, suggesting that the buyers would gradually take the lead.

The MACD indicator was approaching a bearish cross during last week’s consolidation. However, the breakout of $0.3 prevented the bearish signal = is and kept the bullish sentiment going.

  • Resistance levels – $0.336 and $0.38
  • Support levels – $0.3 and $0.26

For the last 5 years, I have been working in journalism. I have been following Blockchain & Cryptocurrency for 3 years. I’ve written on a variety of different topics including fashion, beauty, entertainment, and finance. contact me at brian(at)coingape.com

The content presented may include the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.