Oasis Network price defied gravity as other cryptocurrencies fell on Monday morning. The ROSE token is trading at $0.3178, around 50% above the weekend low. This rally brings its total market capitalization to over $1.1 billion, making it the 86th largest cryptocurrency in the world.
What is the Oasis Network?
Ethereum is the largest smart contract technology platform in the world. Developers use the network to create decentralized applications (dApps) and decentralized autonomous organizations (DAOs). For example, developers used it to create Decentraland, one of the main metaverse projects.
Although Ethereum is a top blockchain project, it has its challenges. For one, since it is a proof-of-work network, mining new Ethers is a relatively expensive and energy-inefficient process.
Ethereum’s network is also relatively expensive and slow. For example, it takes several minutes for an Ethereum transaction to complete.
Therefore, developers have come up with fast and energy-efficient blockchain projects. Some of the so-called Ethereum killers are Solana, Binance Smart Chain, and Avalanche.
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Oasis Network is one of the newest Ethereum killers on the market. It is a decentralized platform focused on privacy. It achieves this by separating ParaTimes from Consensus. This separation means that complex workloads can be processed on one ParaTime while other simpler processes are processed with other ParaTimes.
Oasis Network is backed by some of the biggest names in Silicon Valley, including Polychain Capital, Salesforce Ventures, Accel, Winklevoss Capital, and Huobi Capital.
The Rose Token is the native coin of the Oasis network. It has a supply of around 1.5 billion tokens and the total cap is set at 10 billion. Like other coins, Rose is used for paying transaction fees, staking, and delegating in the consensus layer.
Oasis Network Price Prediction
The daily chart shows that the ROSE price has been trending upwards over the past few months. The price is up over 600% from its July low. Along the way, it broke above the 25- and 50-day exponential moving averages (EMAs).
The Oasis Network price also formed the handle section of the cup and handle model. Therefore, it is likely that the price will experience a short-term bullish breakout. If that happens, the next key resistance level to watch will be at $0.50.