The ROSE Coin is the native token of Oasis Network. Like all other cryptocurrencies, the ROSE Coin has struggled in the current crypto bear market for the past few months. In May, the ROSE coin has lost 60 per cent of its value. The drop has been a continuation of months of an aggressive bearish move, which can be seen from the 80 per cent drop in the year to date price change.
The Oasis Network, however, has continued to gain traction despite the underperformance of its native coin. The platform, which promises to give back to users their data control and ownership while still being able to support new applications in open finance and open data, has seen its userbase grow. This is partly due to continued efforts to get the platform listed on multiple platforms. A month ago, the Oasis Network rose by 17 per cent in 24 hours after the announcement of its listing on Coinbase.
ROSE Coin has traded sideways in the past eight days. In today’s trading session, the cryptocurrency has lost 6% of its value. It has also wiped yesterday’s gains in the market. However, despite the aggressive price drop today, the current trend has continued due to alternating bears and bears that wipe previous gains and losses.
The chart below offers another perspective, and ROSE Coin is still in a long-term bearish move. This is despite recent signs that prices may be reversing due to its failure to break down the $0.057 support level. Therefore, my ROSE Coin price prediction expects the prices to continue trading sideways. Nevertheless, there is a high likelihood that tomorrow’s session will wipe out all losses made today.
However, if the prices move below the recent $0.57 support level, my sideways market analysis will be invalidated. It will also mean we have entered a possible bear market that will see prices pushing down below the $0.0500 price level.
This post was last modified on May 26, 2022, 14:53 BST 14:53