- The ROSE token has entered an uptrend by constantly forming higher highs and higher lows recently.
- Indicators are generating a positve signal for the token.
- A Golden Crossover on the daily chart may serve as an additional confirmation to its bull run.
The ROSE token is about to begin a bull run after moving in a sideways trend for several months. The ROSE token previously attempted to give a bull run by breaking one if its strong resistance level i.e. $0.07632, but that attempt failed since the price could only go as far as the next close resistance.
Investors may have observed the token making a bull move earlier from its major support level on the daily chart. Apart from this, they can currently observe 50 EMA (blue line) approaching 200 EMA (green line) from below. This implies that a Golden Crossover may occur shortly.
The MACD indicator has given a bullish crossover which indicates that the bulls have taken control over the bears and may now drive the prices higher. Though the histograms are light green in color at the moment, this shall not be a cause of concern because whenever the price rises, they may turn dark green. The RSI curve, on the other hand, is trading above its 50-point threshold at 62.64. As the price of the token increases, the RSI curve’s value may be seen increasing.
On the short-term chart, a Golden Crossover has already occurred previously and following which the price of the token has greatly increased. Moreover on the short-term chart, the token may continue its bull rally after the breakout of the resistance i.e after the breakout of $0.07632.
Over the period of 2023
The prices show a sudden rally for which many speculate that prices can face rejection when reached higher. The holders are keen for ROSE to reach a level where the profit level is optimal. A stronger resistance can be formed near $0.100, after which falling prices might look for support near $0.075. The volatility in the volume may continue to persist and indicate active participation.
Investors may observe a significant bull rally following the breakout of the resistance indicated on the chart by the yellow horizontal line. On the daily chart, a Golden Crossover may occur soon as well which would be another encouraging sign for the token’s possible upward journey.
Resistance levels – $0.07632 and $0.11493
Support levels – $0.05495 and $0.03501
Disclaimer: The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.