beincrypto.com
The Oasis Network (ROSE) has been making headlines in the cryptocurrency world as of late, experiencing a significant hike of 20% with over 200% trading volume, according to data from BeInCrypto.
The recent surge in the value of ROSE has generated a lot of excitement among investors and traders, who are eager to understand the driving forces behind this uptrend.
Oasis Network (ROSE) Price Prediction
Many factors can play a role in the price growth of cryptos. Still, it is crucial to keep an eye on market conditions and technical indicators to determine whether an uptrend is sustainable or if a price correction is imminent.
In the case of ROSE, the uptrend experienced over the past few days could be slowed by a bearish RSI divergence and a crucial resistance level.
ROSE managed to reclaim its November level, but faced an immediate price rejection, forming a bearish order block at $0.077. This rejection led to a correction, but bulls were able to find steady ground and launch a massive recovery.
As per Coinglass, ROSE saw a sharp increase in the open interest (OI) rate over the weekend. It corresponded with the break above the bearish order block of $0.072, boosting the uptrend.
However, there are some warning signs that the uptrend experienced by ROSE could be short-lived. A price rejection at the $0.080 resistance level, alongside a drop in OI, could indicate bearish momentum. Consequently, a steeper correction could be in store for ROSE.
If this were to happen, Oasis Network’s ROSE token could nosedive toward $0.062 or even $0.057.
On the other hand, if the OI continues to surge, this could give the bulls the power they need to overcome the $0.080 hurdle and invalidate the bearish trend prediction. This price action could trigger an upswing to $0.094 or even $0.10.