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ROSE Technical Analysis: Will This Uptrend Drives ROSE Prices Higher?

Analytics

cryptoknowmics.com 30 July 2022 12:03, UTC
  
Reading time: ~2 m

The ROSE price shows a bull run challenging the 100-day SMA and the $0.086 resistance level. Will the uptrend give another breakout this week?

Key Technical Points:

  • The ROSE prices jumped by 11.30% in the last 24 hours.
  • The price action of the trendline breakout rally is ready to reach the $0.086 mark.
  • The 24-hour trading volume of Oasis Network is $247 million, indicating a drop of 7.87%.

Past Performance of ROSE

In response to widespread uncertainty in the crypto market over the past two months, the ROSE/USDT price wobbled within the $0.6 to $0.458-$0.447 barrier. However, the recent bullish reversal with a Morning Star pattern and a spike in intraday trading volume gives a bullish breakout of the consolidation range. The bull run accounted for a 75% price jump in the last four days and reached the $0.086 resistance level. But, the Doji candle formation at the 100-day SMA proposes a possibility of a bearish reversal to retest the $0.060 breakout. TradingView Chart Source - Tradingview

ROSE Technical Analysis

The bullish trend of trendline breakout in ROSE prices is expected to gain momentum as the trading volume increases indicating a surge in buying pressure. So, traders will likely see an entry spot that breaks the $0.0875 mark. As the market price is higher than the 50-day SMA, the next challenge for the trend is the 100-day SMA close to $0.086. As the breakout rally gains momentum, the RSI rises to the overbought zone, which indicates growth in overall bullish confidence. The MACD indicator displays a bullish trend gaining momentum as the bullish spread between the fast and slow lines increases. Moreover, the increasing intensity of the bullish histograms teases the possibility of an uptrend continuation. In a nutshell, the ROSE technical analysis projects an improvement in the underlying bullish sentiments, increasing the possibility of the $0.086 breakout.

Upcoming Trend

If the ROSE prices manage to close the daily candle above the $0.086 mark, the uptrend will likely reach the $0.10 psychological mark. Conversely, if the daily candle fails to close above the $0.086 mark, a bearish reversal will likely retest the $0.060 mark. Resistance Levels: $0.086 and $0.10 Support Levels: $0.06 and $0.042


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