Oasis Network’s (ROSE) price has seen a significant rally on Monday, reaching $0.12, its highest level since April 12th. This surge in price was accompanied by an uptick in trading and transaction volumes, with the total volume traded on Monday exceeding $31 million. The network has seen a substantial increase in transaction volumes over the past few days, indicating a positive network trend.
Despite the stagnation in Bitcoin’s price around $69,500 and a slight decrease in the total market cap of all coins, Oasis Network has emerged as one of the best-performing major cryptocurrencies on Monday. The network aims to challenge Ethereum’s dominance among developers by offering more scalability and customizability through its separation of consensus and compute layers. However, it still has a long way to go to compete with other dominant chains like Ethereum, Solana, and BNB Chain.
The daily chart for ROSE token price shows a significant bounce back after bottoming at $0.0736 in April, with a 50% increase and a movement above the Woodie pivot point resistance. The bullish crossover pattern formed by the 25-day and 50-day Exponential Moving Averages (EMA) indicates a positive sentiment in the market, supported by upward-pointing oscillators like the Relative Strength Index (RSI) and MACD.
With the path of least resistance pointing upwards, the next resistance point to watch for is at $0.1388, suggesting a 16% increase from the current level. The upcoming Federal Reserve decision set for Wednesday could serve as a potential catalyst for the ROSE price, with a dovish decision leading to further upside for Oasis Network.
In conclusion, Oasis Network’s recent price rally, accompanied by an increase in trading and transaction volumes, positions it as a promising contender in the cryptocurrency market. With its focus on scalability and customizability, Oasis Network is seeking to challenge Ethereum’s dominance and establish itself among the top blockchain networks. The positive momentum indicated by technical indicators and the upcoming Federal Reserve decision could drive further upside for ROSE price in the near term. Investors and traders are advised to closely monitor these developments for potential trading opportunities in the Oasis Network.
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