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The Oasis Network (ROSE) price has increased rapidly since October and reached a new yearly high today.
The price is approaching a pivotal horizontal resistance area in place since 2022. Will ROSE break out?
ROSE Reaches 470-Day High
The ROSE price has increased since September. It created a higher low in October (green icon) and accelerated its rate of increase afterward.
Since then, six of the seven weekly candlesticks have been bullish. This week, the ROSE price reached a high of $0.088, an increase of more than 130% since the September low and the highest price in 470 days.
Market traders use the Relative Strength Index (RSI) as a momentum indicator to identify overbought or oversold conditions and to decide whether to accumulate or sell an asset.
Readings above 50 and an upward trend indicate that bulls still have an advantage, whereas readings below 50 suggest the opposite.
The weekly RSI is increasing and is above 50. However, it is worth mentioning that the indicator is in overbought territory.
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