Oasis Network’s price hit its highest level since June 1 as investors pondered the latest partnership with Meta Platforms. It reached a high of $0.074, around 60% above the low level this month. Its market capitalization peaked at $350 million, making it one of the largest coins in the world.
Oasis Network is a leading Layer 1 platform that helps developers build powerful platforms across industries, such as Decentralized Finance (DeFi) and Non-Fungible Tokens (NFT).
Oasis has been used to create some top blockchain platforms. Some of the most notable projects in the ecosystem are Fountain Protocol, Kyber Network, Wormhole, and Multichain, among others.
The price of Oasis Network rose sharply after the developers signed an agreement with Meta Platforms, the parent company of Facebook, Instagram and Whatsapp.
The partnership will focus on evaluating the fairness of the company’s products while protecting people’s privacy. It also includes Secure Multi-Party Computation (SMPC) to protect the information users provide to Meta.
Additionally, Meta Platforms will use Oasis Network to ensure the fairness of its AI models. The partnership comes at a time when Meta Platforms is struggling. Its results released this week revealed that the company’s revenues and profits fell for the first time since its IPO a few years ago. In a press release, Esteban Arcaute, director of responsible AI at Meta said:
The partnership between Meta Platforms and Oasis Network is important. However, historically, coins that jump after a major announcement tend to pull back. For example, Polygon’s MATIC surged after it was taken over by Disney. Since then, its price has retreated as this momentum wanes.
Oasis Network Price Prediction
The four-hour chart shows that the ROSE price jumped sharply after the latest deal with Meta Platforms. As it moved higher, the coin managed to break above the important resistance level at $0.0626, which was the highest point on June 19th.
Oasis broke above all moving averages as total volume started to pull back. Therefore, I suspect that the coin will decline as sellers target the next key level at $0.062, which is around 11% below the current level.