The price of the Oasis Network rose sharply over the weekend as investor demand increased. The price of the ROSE token reached an all-time high of $0.4680. This price was around 165% above the low level this month. On Monday, the price retreated and is currently trading at $0.3800, bringing its total market capitalization to over $569 million.
What is the Oasis Network?
Oasis Network is a fast-growing blockchain project backed by some of Silicon Valley’s top investors. Among its early investors are funds like Polychain Capital, Accel, a16z and Pantera. Its technology has been integrated into leading projects such as Balancer, Wyre and Tidal.
These integrations and backers mean that Oasis Network is likely to be the next big thing in cryptocurrencies. Furthermore, a backer like Polychain has also invested in several high-performing currencies such as Solana, Avalanche, Cosmos, Zilliqa, and Tezos, among others.
The price of the Oasis network jumped sharply as investors pondered the launch of the platform’s mainnet this month. The upgrade from beta to mainnet took place on November 18. The network is a Layer 1 platform that is scalable, versatile, and private.
It has two layers called consensus and ParaTime layer which allow the network to support many different computing environments. It also has a feature known as confidential computing, which means the data is encrypted while it is processed. ROSE is the native token of the ecosystem.
Oasis Network Price Prediction
The 3-hour chart shows that the ROSE price has been in a strong uptrend lately. The high point of this rally occurred over the weekend when the price hit an all-time high of $0.4677. Since then, the coin has fallen by around 20% as investors reflect on the rally and decline in the prices of other cryptocurrencies.
The part has moved to the pivot point shown in black. It is also approaching the key support level at $0.3415, which was the highest level on November 18th. Therefore, the Oasis Network price is likely to remain under pressure for the time being. I suspect it will bounce back and hit R1 at around $0.50.