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.
- 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%
Source- 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.
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
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