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Oasis Network saw a massive rally, here’s what ROSE holders should expect next

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Oasis Network saw a massive rally, here's what ROSE holders should expect next

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Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion

  • ROSE’s value and volume surged by over 20% and 200%, respectively, at press time. 
  • But there was a hidden RSI divergence which could slow down the uptrend. 

At the time of writing, Oasis Network [ROSE] hiked by 20% with over 200% trading volume, as per Coinmarketcap. However, the uptrend could be slowed because of a hidden RSI divergence and a crucial resistance level. 

Read Oasis Network [ROSE] Price Prediction 2023-24

ROSE hit the resistance level of $0.08047 – Could it face a price rejection?

Source: ROSE/USDT on TradingView

ROSE managed to reclaim its November level but faced an immediate price rejection, forming a bearish order block at $0.07752.

The rejection led to a correction before bulls found steady ground and launched a massive recovery.

 How much are 1,10,100 ROSEs worth?

The rally inflicted a bearish order breaker and mounted over the pre-FTX level. However, the uptrend met another resistance level at $0.08047 and could face price rejection and correction if the previous trend repeats. 

Sellers could sell if ROSE fails to close above $0.08047 and buy back at one of the August support levels of  $0.07752 or the previous bearish order block of $0.07206. 

Similarly, bulls could wait for a daily close above the $0.08047 resistance level and confirmation before entering a long position targeting the $0.01 zone. 

Although the RSI was bullish, it has been making lower lows as price made higher highs, thus painting a hidden divergence. In addition, the RSI hit an overbought zone, lending credence to a likely price reversal.

But the OBV (On Balance Volume) rose sharply, denoting the massive demand for the AI-leaning token, which could boost further uptrend if the trend is sustained.

ROSE recorded a sharp rise in Open Interest (OI) over the weekend

Source: Coinglass

As per Coinglass, ROSE saw a sharp increase in the open interest (OI) rate over the weekend. The surge corresponded with the break above the bearish order block of $0.07206, boosting the uptrend. 

A price rejection at the $0.08047 resistance level alongside an OI drop could show bearish momentum. However, a continued surge in OI could boost bulls to overcome the $0.08047 hurdle, invalidating the bearish trend prediction.  


Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
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