Anticipated Oasis Network Price Increase Following Surge in ROSE Transactions
Oasis Network’s (ROSE) price experienced a significant surge on Monday, accompanied by a rise in both trading and transaction volumes. The price reached $0.12, marking a new high not seen since April 12th. At its peak on Monday, ROSE had soared by almost 50% from its lowest point in May.
The transaction volume of Oasis Network has seen a notable increase in recent days. According to CoinGecko, the total volume traded on Monday exceeded $31 million, surpassing the $18 million traded on Sunday. Over the past five days, the average trading volume was over $27 million, a substantial rise from the previous five-day average of $15 million. Additionally, data from Oasis Scan revealed a strong network trend, with over 386,000 transactions processed on Sunday compared to 363,000 on May 26th.
These data points illustrate why ROSE emerged as one of the top-performing major cryptocurrencies on Monday, despite Bitcoin remaining relatively stagnant around $69,500 and the total market cap of all coins experiencing a slight decline to $2.5 trillion.
Oasis Network is positioning itself as a competitor to Ethereum’s dominance among developers. Its key advantage lies in its separation of the consensus and compute layers to offer enhanced scalability and customization. However, Oasis still has a considerable distance to cover to challenge dominant chains like Ethereum, Solana, and BNB Chain. Oasis Sapphire currently has a total value locked (TVL) of $6.18 million, while Oasis Emerald stands at $1.28 million.
In terms of price forecast, the daily chart indicates that the ROSE token price has rebounded after hitting a low of $0.0736 in April. It has surged by almost 50% and crossed above the initial resistance level of the Woodie pivot point. The bullish crossover pattern formed by the 25-day and 50-day Exponential Moving Averages (EMA) signals positive momentum. Additionally, indicators like the Relative Strength Index (RSI) and the MACD are pointing upwards, indicating a strengthening trend.
As a result, the path of least resistance appears to be upwards, with the next key level to monitor being the third resistance point at $0.1388, implying a potential 16% increase from the current level. The upcoming Federal Reserve decision scheduled for Wednesday could serve as a catalyst for the ROSE price. A dovish stance from the Fed, where rates remain unchanged with hints of future rate cuts, could further drive upside for Oasis Network.
