With the ongoing bear cycle fueling the pullback phase for Oasis Network, the downtrend is growing deeper in the daily chart. However, the declining trend lacks the volume support, reflecting limited supply and increased reversal chances in the ROSE price trend.
The overall trend in Oasis Network has remained positive over the last few months as the higher low formation continues. Thus, the chances of a bullish reversal are higher and support our ROSE price prediction.
ROSE Price Trend Approaches The Reversal Spot
With a bullish reversal starting from October 2023, the ROSE price trend maintains a remarkable uptrend with high momentum. Further, the bullish trend leads to an ascending support trendline in the daily chart.
The uptrend accounts for a price jump from $0.039 to $0.1394, a 246% rise within just three months. However, the ongoing pullback from the $0.1394 peak now forms a bearish channel.
Currently, Oasis Network shows a negative cycle starting in the channel with an evening star at the overhead trendline. Hence, the chances of a quick and short decline in ROSE price are increased.
The downfall may soon retest the 50-day EMA and the long-coming support trendline, slightly above the psychological mark of $0.10. Currently, the ROSE price trades at $0.11563, with an intraday fall of 1.29%, teasing a fall to complete the evening star.
MACD Indicator: The MACD and signal lines are declining in the daily chart and approach the zero line ready for a crossover. The decreasing gap between the lines signals a potential trend reversal in the Oasis Network.
EMA: With the downfall ready to test the dynamic support of the 50D EMA, the sideline traders can find this dip as an entry opportunity.
Is It Worth Buying ROSE?
As the bearish momentum dominates the falling channel trend, the Oasis Network price trend is preparing for a quick bungee jump. The trend continuation will likely retest the said confluence of supports above the $0.10 psychological mark before a bounce back.
In case the bullish reversal manages to break the channel, the breakout rally can reach the $0.1394 mark, a 30% jump from the trendline. On the flip side, a breakdown will test the $0.10 mark.