The Oasis Network price has had a relatively good week even as other cryptocurrencies have retreated. ROSE, its native token, has risen to an all-time high of almost $0.40. It has jumped by more than 1,145% from its lowest level in 2020. This rally has brought its market cap to more than $1.3 billion.
Oasis Network is a fast-growing platform that is targeted at developers building decentralized finance (DeFi) applications. It claims that its platform offers an opportunity for developers to build more secure and highly scalable finance platforms.
This week, the developers announced that the first DeFi project had been deployed to its network. It is known as YuzuSwap.
This announcement came a few days after they launched the Emerald mainnet. This is an EVM compatible ecosystem for developers to build apps. Also, the developers announced a $160 million Oasis Ecosystem Fund that will provide funds to developers working on the network. So, what next for the ROSE price?
In my analysis of Oasis price earlier this week, I predicted that its price will keep rising as FOMO sets in. This view was accurate as the coin moved and tested its all-time high. Looking at the daily chart, we see that it has formed a cup and handle pattern that is shown in red.
This pattern is usually a sign of a bullish continuation. It is also being supported by the 25-day and 50-day moving averages. Therefore, the path of the least resistance for the ROSE price is in the upside, with the next key level to watch being at $0.5. In the long-term, there is a possibility that it will rise to $1. This view will be invalidated if the price drops below $0.25.
This post was last modified on %s = human-readable time difference 04:16