ROSE Price Prediction: Is There More Upside to Come?

By:

Updated: Aug 9, 2022, 18:31 GMT+00:00

ROSE has been trading in the green after Oasis Network announced that it is working with Meta on AI models.

Key Insights:

ROSE has seen mammoth gains, rising 112% over the last thirty days.
Oasis Labs has partnered with Meta to assess their products based on AI models.
The daily simple and exponential moving averages are giving mostly buy signals.

ROSE, the native token of the Oasis Network is up 41% over the last seven days, while the relative strength index (RSI) has entered overbought territory following recent news that the project has inked a deal with Facebook’s parent company, Meta.

Oasis Network is a privacy-focused smart contract platform built using the Cosmos SDK. The project enables secure data-sharing by separating its consensus layer from its contract execution layer, while providing a built-in interface connecting the two for privacy-preserving computation.

Meta Partnership

At the end of last month, Oasis Labs announced a partnership to launch a platform aimed at assessing fairness in Meta’s products while protecting privacy. More specifically, as Meta’s technology partner, Oasis Labs built the platform that uses Secure Multi-Party Computation (SMPC) to safeguard information for surveys in which users voluntarily share their race or ethnicity.

Off the back of this news, ROSE rallied from $0.04809 on July 27 to $0.08546 on 30 July – a 71% spike. The moving average convergence divergence (MACD) line crossed into the positive zone as ROSE hovered around the $0.09 resistance level.

ROSE 090822 Weekly Price Chart

The Oasis Network crypto then closed the month at $0.09235, a price level it had not seen since June 11 this year, before retreating to $0.07765 by August 2.

ROSE returned to the $0.09 price level again on August 7 and then shot up to $0.113 the following day. Just two months prior to reaching the $0.10 level, the token was trading as low as $0.04565, which represents a 147% gain within that time frame.

While the coin has seen mammoth gains, rising 112% over the last thirty days, investors can zoom out to see that ROSE is a long way off from its high of $0.3826 achieved on February 7, 2022 and 81% below its all-time high (ATH) price of $0.5964 set on January 15, 2022. The cryptocurrency may also be nearing a consolidation phase.

Nonetheless, the Oasis Network token has moved above its 50-day and 100-day simple moving averages (SMA) and the daily RSI has generated bullish divergence. The token is currently trading at $0.111183 and ranks 79th in the list of cryptocurrencies worldwide by market capitalisation at $551 million, having risen over 8% today. Resistance is at $0.1302 while support can be found at $0.0437.

ROSE 090822 Daily Price Chart

Technical Indicators

Technical analysis shows that short-term sentiment on ROSE is neutral, with 17 indicators displaying bullish signals compared to 12 bearish signals at the time of writing.

The daily simple and exponential moving averages (EMA) are giving mostly buy signals, while the relative strength index stands at 77.5.

An RSI reading of 30 or below indicates an oversold or undervalued condition, while a reading above 70 would suggest the asset is becoming overvalued or overbought.

In terms of an Oasis Network crypto price prediction, ROSE could see its price falling to $0.0863 by September 2022.

About the Author

Mohadesa Najumiauthor

Mohadesa Najumi is a British writer who has worked within crypto, forex, financial technology, and the stock market industry. Mohadesa received her MSc in Political Science and International Relations at the University of Amsterdam.