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The last six months’ price action in the ROSE coin price shows the formation of a rounding bottom pattern. The pattern displays a U-shaped recovery which encourages steady growth in an asset. Thus, with sustained buying, the coin price has recently breached a monthly resistance of the $0.073-$0.072 mark. Here’s how this breakout may influence the future price of Oasis Network Coin.
Key Points:
- Under the influence of the cup and handle pattern, the Oasis Network price breakout from the $0.073 barrier hints at a potential rally of 50% growth
- A bullish crossover between the 50-and-100-day EMA encourages ROSE to prolong ongoing recovery
- The intraday trading volume in ROSE is $225.1 Million, indicating a 113% gain.
Source- Tradingview
In theory, the rounding bottom pattern begins with a downward trend in price as sellers dominate the market. Over time, the selling pressure decreases, and the price begins to bottom out and form a rounded shape. As the pattern progresses, buyers begin to enter the market, and the price starts to rise. The pattern is considered complete when the price breaks above the resistance level that was established at the top of the rounding shape.
Amid the ongoing recovery rally, the ROSE coin price rallied 133% since January 1st and reached the current price of $0.078. Today, the altcoin jumped 12.15% and offered a massive breakout from the monthly resistance of $0.073-$0.072.
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This breakout with strong volume indicates the buyers are committed to taking the Oasis Network coin to even higher levels. However, the prices are expected to revisit the $0.073 and validate the price sustainability above newly reclaimed levels.
Thus, a potential retest could offer a long entry opportunity to interested trades. Furthermore, under the influence of this pattern, the post-breakout rally may drive the prices 50% higher to hit the neckline resistance of $0.116.
Technical Indicator
RSI: The daily RSI slope high in bullish territory indicates the market sentiment is strongly bullish.
EMAs: The rising 20-day EMA slope is offering dynamic support to the ROSE price. Until this support is intact traders can expect a strong recovery rally.
ROSE Coin Price Intraday Levels-
- Spot rate: $0.073
- Trend: Bearish
- Volatility: High
- Resistance level- $0.08 and $0.095
- Support level- $0.073 and $0.06
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