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ROSE coin price fails to sustain above $0.50 and falls to the horizontal level at $0.45. Will the $0.45 level collapse under high selling pressure? Oasis Network (ROSE) is a security-focused level one blockchain developed to promote the open economy of finance as well as a responsible and sustainable data economy that utilizes the Cosmos SDK. Oasis is a leader in applications that encourage security and privacy of data and hopes to enable the private, scalable Defi and to expand beyond traders to the market. It is able to achieve high speed and has a secure structure by separating the settlement as well as the consensus layers. Let us move ahead to read about Oasis Network technical analysis. Past Performance of ROSE The ROSE coin price shows a downfall of almost 15% in the past 72 hours resulting in the formation of multiple bearish candles in the daily chart. The higher price rejection is evident by the long wick formations in the daily candles indicating a rise in selling pressure. Furthermore, the 25% jump in the trading volume indicates the entry of more sellers into the market. ROSE/USD Daily Chart ROSE Technical Analysis The retracement in the ROSE coin price can be a retest of the bullish breakout of $0.45. However, the increased trend momentum and rising selling pressure undermine the possibility of a retest.  Nonetheless, the horizontal level at $0.45 remains a crucial milestone in ROSE coin price action providing resistance multiple times before. Therefore, the level can halt the falling prices for a while.  Crucial EMAs (50, 100, and 200) in the daily chart maintain a bullish trend in a positive alignment ready to provide support to the downfall. Therefore, dips at 50-day EMA can generate a buying opportunity. The RSI indicator at 59% shows a fall in the slope from the overbought zone in the daily chart. The slope keeps a negative trend as it gives a bearish crossover with 14-day EMA and approaches the central mark.  The MACD indicator shows the MACD line approaching the signal line to give a bearish crossover. Moreover, the falling distribution of the bullish histograms indicates a rise in selling pressure. In short, the technical indicators reflect a fall in buying pressure and the price action showcases the entry of sellers. Therefore, the possible fallout of $0.45 will generate excellent selling pressure. Upcoming Trend The failure to sustain above the $0.50 mark drives the ROSE coin price lower to the horizontal level at $0.45. However, the increasing pressure projects a high possibility of a fallout below it.  However, being a crucial price action level, traders need to keep their eyes out for bullish reversal. This is why holders should avoid selling under pressure and wait for the price action confirmation. Moreover, a reversal from $0.45 can drive the prices higher to create new all-time high levels. The ROSE coin price chart suggests the next support levels at $0.41 and the 50-day EMA. And, in case of a bullish reversal, the price can find support at $0.55 and $0.65. The technical analysis by tradingview showcases a “NEUTRAL” sentiment in daily timeframe at press time. Technical Analysis for ROSEUSD by TradingView

The post ROSE Technical Analysis: Exodus of Sellers Extinguish Positive Demand appeared first on Cryptoknowmics-Crypto News and Media Platform.

The first DEX on Oasis Network reached $100 million total value locked in one day and it seems that the demand for decentralized exchanges is growing in 2022 as well so let’s take a closer look at today’s blockchain news. YuzuSwap is the first DEX on Oasis Network which saw rapid uptake since the launch […]

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