With the rising influence of selling pressure as indicated by the technical analysis of ROSE, the token struggles to contain the pronged bearish momentum as prices struggle to reach $0.050.

Oasis Network (ROSE) struggles to reverse the bearish momentum since the last month which accounted for over a 28.2% drop in the prices, declining from $0.070 to the low of $0.042. Even after consolidating between the range of $0.047 and $0.044 for the last 20 days, traders could not take the prices above the resistance of $0.050. Registering a drop of 3.04% in the last 24 hours, the token is currently trading at $0.045. The market valuation which slid by 3.35% to $575.29% million along with a surge of 67.59% in the trading volume due to high selling pressure highlights the strong bearish influence on the market.

Key Points
<ul>
 	<li style="font-weight: 400">The ROSE price action displays a fall of 3.04% </li>
 	<li style="font-weight: 400">A significant drop below 200-day EMA highlights the steep downtrend </li>
 	<li style="font-weight: 400">The intraday trading volume in ROSE is $23.24 million</li>
</ul>
<img src="https://s3.tradingview.com/snapshots/t/Tof0ONhV.png" alt="TradingView Chart" />Source: <a href="https://www.tradingview.com/x/Tof0ONhV/" target="_blank" rel="nofollow noopener">Tradingview</a>
<h2>ROSE Technical Analysis</h2>
Trading below the crucial resistance level of  $0.050 since November 11, the ROSE does not show signs of a bullish reversal as the market is still in the correction phase. After recent consolidation, the prices again plunged below the 200-day EMA owing to a selling spree in the market. The ascending triangle pattern formed by the resistance and support trendline with the base at $0.044 signal another round of a bearish cycle. A sharp decline in ROSE prices below 38.20% on the Fibonacci retracement level from 100% with a support line coinciding with the 23.60% reflects the intensity of bearishness in the market. Any breakout from the current price level will be coupled with buying opportunities for the traders if prices break above the $0.050 mark. Nonetheless, a slight drop in the prices can trigger a selling spree in the market. 
<h2>Technical Indicators</h2>
Moving sideways along the mean point, the RSI makes a bearish divergence and crossover under the 14-day SMA. While MACD turning bearish after making a  bearish divergence on a bearish histogram also reflects a lack of bull in the market. 

According to the technical indicators, the ROSE is going through strong bearish momentum as sellers are overly active since prices plunged below the $0.050 mark.

ROSE Technical Analysis: Will ROSE Contain the Prolonged Correction Phase? 

With the rising influence of selling pressure as indicated by the technical analysis of ROSE, the token struggles to contain the pronged bearish momentum as prices struggle to reach $0.050.

Sanjay Shukla is a Content Writer with Cryptoknowmics, India's biggest media platform in crypto. He has more than 8 years of experience in the Business and Finance domains. Sanjay writes excellent content on cryptocurrencies, trading, Bitcoin, and the share market, to help the readers have deep insight into the topic.

ROSE Technical Analysis: Will ROSE Contain the Prolonged Correction Phase?

Top Picks