Oasis Network price has been selling out recently even after the network implemented its Damask upgrade and its total locked value (TVL) increased. The ROSE token is trading at $0.23, around 61% below the 2021 high.
Oasis Network is a relatively small blockchain project that provides a platform for users to build decentralized applications (dApps). He claims that apps built in the ecosystem have multiple privacy features that make them better.
Oasis has attracted a few developers over the past few months. The largest DeFi application built in Oasis is ValleySwap, which is a platform to trade tokens, mine, and provide liquidity. He has a total locked value of over $192 million and a 76% dominance over Oasis.
It is followed by YuzuSwap, which has a TVL of over $30 million. Other applications built using Oasis Network are Fountain Protocol and Lizard, among others. In total, the network’s TVL reached an all-time high of $252 million.
The biggest story this week was the launch of the Demask upgrade, which introduced several features to the network. Some of these features relate to increased security, faster performance, and stronger governance mechanisms.
Yet, like other smart chains, Oasis faces significant challenges in the future. First, as noted, ValleySwap has 76% dominance, which means a major problem in the network will affect the price of the Oasis network. We saw this recently when the price of Waves fell after bad news from Neutrino.
Second, the industry is becoming increasingly crowded, with platforms like Ethereum, Cronos, and BNB Chain leading the way. Therefore, smaller networks will likely struggle to gain traction among developers.
More importantly, with the Ethereum merger As it approaches, it is likely that many people will choose to use its platform. Plus, it will have faster speeds and more stability than its peers.
Oasis Network Price Prediction
The daily chart shows that the ROSE price has been in a strong downtrend over the past few days. The coin broke below the 25- and 50-day exponential moving averages (EMAs), signaling that the bears are in control. It has also formed a head and shoulders pattern, which is usually a bearish sign.
Therefore, it is likely that the price of the Oasis Network will continue to decline in the short term. A bearish breakout will be confirmed if the price breaks below the important support level at $0.2060.