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- 1 Oasis Network price has slipped below all the major exponential moving averages.
- 2 ROSEprice currently trades at $0.0471 while witnessing a 0% change at the time of writing.
- 3 The year-to-date return of the Oasis Network is 37.72% while the three-month return is -5.80%.
ROSEprice was in an uptrend, forming higher lows since mid-June 2023 after the formation of a support level at $0.043. The bullish move was halted near the $0.0532 level when the price faced strong rejection above the $0.054 level. After the rejection, the cryptocurrency price gained enough bearish momentum to break the uptrend.
Recently, the price formed support at the $0.0467 level and is striving to gain bullish momentum. The previous candle closed as a bearish candle and the current candle is not successful in breaking the high of the previous candle.
If bears take control and push the price below the recent support level of $0.0467, there is the possibility that the price might melt toward the next support level of $0.043. On the other hand, if the price can rise above the $0.050 psychological level, it might retest the major resistance level of $0.0532.
Token Unlocking Event Of Oasis Network
The market capitalization of Oasis Network has decreased by 0.06% to $269,842,678. The 24-hour trading volume has also decreased by 19.92%. The price is down 92.1% from the all-time high of $0.5964 and up 47% from the all-time low of $0.03205.
According to DefiLama, the total value locked off the Oasis Network has declined significantly from $20.32 Million at the start of the year to $1.82 Million at the present time. The all-time high TVL of ROSE peaked on April 2022, reaching $271.51. Since then, there has been a strong downfall.
The token unlocking event of ROSE is scheduled on 18 August 2023. Oasis Network will unlock 171 Million ROSE tokens which are 3.40% of the circulating supply, worth $8.05 Million.
Will ROSE Price Fall to the $0.043 Level?
The cryptocurrency price trades below 20,50, 100, and 200-day exponential moving averages, indicating bearish momentum. Chaikin money flow score is -0.06 suggesting slight weakness in the market. CMF has been trading below the 0 mark since 2 August 2023.
The relative strength index has dropped below the 50 mark and currently trades at 41.68 implying that there is a rise in bearish momentum. The price has also reached the lower band of Bollinger and is showing signs of bullishness.
ROSE price might witness a short-term pullback toward the 20-day SMA of Bollinger. The long/short ratio of the Oasis Network is 0.86 with 46.44% longs and 53.56% shorts indicating a higher position from the selling side in the last 24 hours.
Conclusion
The market structure and price action of ROSE have turned bearish after breaking the uptrend. Technical indicators exhibit the possibility of the price melting down toward $0.043.
Technical Levels
- Major support: $0.0467 and $0.043
- Major resistance: $0.0532 and $0.057
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
