Designed for the next generation of blockchain, the Oasis Network is the first privacy-enabled blockchain platform for open finance and a responsible data economy. Combined with its high throughput and secure architecture, the Oasis Network is able to power private, scalable DeFi; revolutionizing Open Finance; and expanding it beyond traders and early adopters to a mass market.
Let us see what the technical analysis of ROSE predicts.
Since November 17, 2021, the price chart is witnessing a parabolic increase. However, today, a price drop can be seen.
On November 17, 2021, ROSE opened at $0.2103. A week later, it closed at $0.414 on November 23, 2021. Currently, the 24-hour high is $0.4591, while the 24-hour low is $0.3687.
Despite the occasional corrections, the general trend in the ROSE price chart is upwards. Thus, it is expected that the price will continue to move in the same direction. However, let us look at the indicators before making a call.
Today, the OBV is showing that the volume of the ROSE coins sold is greater than the volume of the ROSE coins bought. This is putting pressure on the price to move downwards today.
The RSI is becoming more stable over the last few days. This is a neutral signal. The traders may consider holding their current positions.
Looking at the MACD graph, we see that the MACD line and the Signal line, both are positive. This is in alignment with our predictions of the uptrend to continue further.
Another layer 1, the smart contract platform, is positioning itself to enter an increasingly crowded race for users and transaction volume. On Monday, November 22, 2021, Oasis Foundation — one of the firms behind the Oasis privacy-preserving blockchain network — announced the launch of Emerald, an Ethereum Virtual Machine (EVM)-compatible ParaTime smart contract execution environment.
The Oasis Network has unique privacy features that can not only redefine DeFi but also create a new type of digital asset called Data Tokenization. This allows users to take control of the data they generate and earn rewards through staking mechanisms with the app to create the first responsible data economy. This is an important factor that can drive the growth of the crypto in future.
As the price is witnessing an uptrend, it has crossed all the current Fib levels.
Thus, even the short-term prediction by the OBV indicator is negative, and the general trend is upwards. The ROSE traders may take a long position here while keeping a target at $0.5. Moreover, traders may keep a stop-loss at $0.35, considering a reversal in the trend.