The Oasis Network price went vertical on Tuesday as investors positioned themselves to receive rewards in the network. The ROSE token rose to $0.2475, the highest level since April 14th. It has risen by more than 25% from its lowest level this month. Its market cap has jumped to over $834 million, making it the 110th biggest cryptocurrency globally.
Oasis Network is a small but fast-growing blockchain platform that has created a platform where developers can build Web 3.0 applications. Some of its features are that its network is private and scalable and the fact that it has parallel smart contract layers that helps to boost speeds and scalability.
The ROSE price is rising as the Oasis Bloom continues. This program was launched in March this year that seeks to reward developers with $200k for simply building on the platform. And this week, Oasis Network and Kyber Network announced a new chance for people to win $250 worth of ROSE and $250 in Kyber Crystal. It had a similar AMA session last week in partnership with Fountain Protocol.
Still, the biggest challenge for the Oasis Network is that the number of developers building on the platform is a bit limited. Also, there is intense competition going on, with some of the biggest players being Avalanche, Solana, and Terra.
The 4H chart shows that the ROSE price crashed to a low of $0.199 on Monday as the cryptocurrency sell-off continued. The coin then made a spectacular rebound as the Oasis and Kyber Network AMA took place. As a result, it moved above the upper side of the descending channel shown in orange. It has also moved above the 25-day and 50-day moving averages.
The Stochastic oscillator moved above the overbought level. Therefore, in the near term, there is a likelihood that the coin will rise to a high of $0.26; however, the overall trend is still bearish, and there is a possibility it will move below $0.20 again.
This post was last modified on %s = human-readable time difference 07:47