Technical Analysis for ROSE/USDT Chart
Welcome back to another edition of The Crypto City Trading Newsletter, your go-to source for in-depth technical analysis and expert insights into the dynamic world of cryptocurrency trading. Today we are focusing on the daily price action of ROSE/USDT (Oasis Network)
We have also provided a signal of ROSE in our free premium discord server, you can take great benefit from it, as we posted multiple trading setups there.
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Total ROSE Market Cap: $671,630,440
Circulating Supply: 6,729,795,897
Total Supply: 10,000,000,000
Max Supply: 10,000,000,000
Trading Analysis
Now moving towards the analysis.
In our daily analysis, ROSE is still trading within a defined range, with support at 0.07628–0.08316 USDT and a resistance zone at 0.10224–0.10769 USDT. This range has held for approximately more than 50 days. When the price reached the resistance level at 0.18500 USDT, leading to a correction. The decreasing volume during this correction suggests the bullish trend could still have potential. Several key technical elements and zones are marked, providing a comprehensive view of the market’s structure and potential future movements.
Daily Resistance Zone (Green) (0.10224–0.10769 USDT)
The price is currently testing this zone and this zone acts as a strong resistance, price bounces back from this zone many times, historically this zone acts as strong resistance. A clear break above this resistance could push the price toward the next resistance level at 0.12574 USDT.
Resistance (0.12574 USDT)
This level has historically acted as a significant support and resistance point. A break above this could lead to a move toward the monthly resistance zone (Blue) between 0.14815–0.16150 USDT.
Weekly Resistance Zone (Blue) (0.14815–0.16150USDT)
This zone has shown strong resistance in the past and could be a critical level for further upward momentum.
Monthly Resistance (0.18500 USDT)
This is the highest resistance level marked on the chart and historically this level acts as a strong resistance level.
Weekly Support Zone (Yellow) (0.07628–0.08316 USDT)
In case of a pullback, the first level of significant support is at 0.07628–0.08316 USDT. This zone has acted as a support, it has held the price for the last 50 days. Every time the price reaches the zone it bounces back from here.
Support (0.06368 USDT)
This level provides additional support if the price continues to decline.
Lower Support (0.05329 USDT)
This is the lowest support level on the chart and represents a critical level for the bulls to defend.
Current Price Action
Currently, the price is trading around $0.09943, consolidating within a range bounded by the support zone at $0.07628 — $0.08316 USDT and the resistance zone at $0.10224 — $0.10769 USDT. Treaders can take advantage of this zone every time the price reaches the support zone they can take entry and when the price reaches the resistance zone they can exit the trade. Remember to always use stop loss when you enter in a trade to secure your capital.
Potential Scenarios
We are with the bullish scenario as we posted a buying setup in our discord server. For the sake of this analysis, we have to tell you about both scenarios.
1. Bullish Scenario
Wait for a confirmed break above the $0.10224 — $0.10769 USDT zone (Green) with strong volume before entering in a trade. The target is above 65% approximately from the entry point. You can join our Discord server for trade setup. Our Discord server is free for now.
2. Bearish Scenario
If the Weekly Support Zone (Yellow) at ($0.07628 — $0.08316 USDT) fails to hold the price, it may lead to a decline toward the next support level at $0.06368. A breakdown below this level would target the support at $0.05329. If the price reaches the last support level that is the good buy point.
Volume
Higher volume during upward moves indicates strong buying interest, while higher volume during declines suggests stronger selling pressure. Volume spikes at key levels confirm the strength of breakouts or breakdowns. If bullish reversal patterns like bullish engulfing or hammer at support levels provide strong buy signals. Conversely, bearish reversal patterns like bearish engulfing or shooting star at resistance levels signal potential selling opportunities.
Technical Indicators
Based on technical indicators on a daily time frame
The relative Strength Index (RSI) value is at 58.29 (Neutral)
Momentum is at 0.001184 signaling a (Buy)
MACD Level (12, 26) is at 0.00126 signaling (Buy)
Exponential Moving Average (50): 0.09835 (Buy)
Exponential Moving Average (100): 0.10549 (Sell)
Simple Moving Average (100): 0.11862 (Sell)
Exponential Moving Average (200): 0.10276 (Sell)
Ichimoku Base Line (9, 26, 52, 26): 0.09771 (Neutral)
Volume Weighted Moving Average (20): 0.0948 (Buy)
Hull Moving Average (9): 0.10363 (Sell)
Interpretation
The overall technical analysis for ROSE/USDT shows a neutral overall sentiment and all of the averages will also become bullish as soon as the market flips the Green Zone($0.10224 — $0.10769 USDT) marked in the chart. We have mixed signals from oscillators and a bullish outlook from short to medium-term moving averages. Oscillators indicate potential consolidation, while short-term moving averages suggest a continued uptrend. Long-term moving averages caution a potential resistance or trend reversal. Short-term traders might consider long positions, keeping an eye on overbought indicators, while long-term investors should exercise caution and wait for more bullish confirmation.
Overall Market Sentiment Analysis
The cryptocurrency market is currently navigating a landscape of significant challenges and opportunities. While regulatory pressures, geopolitical tensions, and rising energy costs present formidable obstacles, the ongoing integration of digital assets into traditional finance, coupled with supportive regulatory developments and inflationary hedging, provide strong bullish counterpoints. Investors must weigh these factors carefully, staying informed and agile in response to rapidly evolving market conditions.
Liquidation Heatmap
The ROSE Liquidation Heatmap reveals critical liquidation zones over a three-month period, indicating significant resistance around 0.114569 and strong support at 0.079594. The price has been oscillating between these levels, with recent trends showing a gradual upward movement toward the resistance. The color intensity on the heatmap suggests high liquidation pressure at these key levels, reflecting potential selling pressure at the resistance and buying support at the support level. Traders should monitor these zones closely for potential price reversals or breakouts, as they represent areas of high volatility and liquidation activity.
Conclusion
In conclusion, our analysis of ROSE/USDT (Oasis Network) underscores the importance of key support and resistance levels in shaping the trading landscape. The current price action, oscillating between $0.07628 — $0.08316 USDT for support and $0.10224 — $0.10769 USDT for resistance, provides traders with clear entry and exit points. The mixed signals from technical indicators suggest a cautious but potentially bullish outlook, especially in the short to medium term. The ROSE Liquidation Heatmap further highlights critical zones of high liquidation pressure, emphasizing the potential for significant price movements. Traders are encouraged to stay vigilant, leveraging our detailed insights and the resources available on our Discord server to navigate the dynamic market conditions and achieve their financial goals.
Your Essential Trading Newsletter
This detailed analysis provides a comprehensive understanding of the current market structure and potential scenarios. Traders can use these insights to make informed decisions and effectively navigate the market.
Stay tuned to The Crypto City Trading Newsletter for more in-depth analyses, market insights, and expert guidance. As always, we strive to empower you with the knowledge and tools needed to navigate the fast-paced world of cryptocurrency trading. Happy trading!
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Warm regards,
The Crypto City Trading Team
