Oasis

Date: Wed, Oct 30, 2024, 05:03 PM GMTThe cryptocurrency market is heating up as Bitcoin (BTC) approaches its all-time high of $73,700, trading at $72K. While BTC’s dominance increases, many altcoins are still awaiting their bullish rally, and one coin to watch right now is Oasis (ROSE). After a challenging 30 days with a 12% decline, ROSE appears primed for a potential breakout.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/92a9900c2a4a4eab84d549f5df991a85.png" />Source: CoinmarketcapLet’s dive into the technical analysis to see what might be coming next.<h3 id="technical-analysis-of-oasis-rose">Technical Analysis of Oasis (ROSE)</h3>On the daily chart, ROSE has been consolidating within a descending wedge pattern, a formation that often signals a trend reversal. The price is currently near the wedge&#39;s resistance line, indicating it may be ready to break out.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/15cdf3a930da43bebdf5e41bc8235855.png" />Key points in the analysis include:<ol><li>Descending Wedge Pattern: ROSE has been moving within a descending wedge, suggesting that selling pressure is easing. A breakout above this pattern could kick off a bullish rally, with buyers regaining control.</li><li>Support Level: The current support level sits around the $0.066 zone, where buyers have previously stepped in to prevent further declines. Holding this support level will be crucial for ROSE to confirm a potential reversal.</li><li>Breakout Confirmation: The critical confirmation of a breakout will be when ROSE manages to surpass the resistance level at $0.066. Breaking above this level with high volume would validate the breakout, signaling that buyers are taking control and the bullish reversal is underway.</li><li>Potential Price Targets:First Target: If ROSE breaks out of the wedge, the initial target could be at $0.098 resistance zone, where previous price action has faced resistance. Second Target: If momentum continues, the next target lies at $0.13, which is still 90% up from current price. </li><li>RSI Momentum: The Relative Strength Index (RSI) is near the 50 mark, suggesting a neutral trend with room to swing higher if buying momentum increases. A push above 50 on the RSI could confirm a bullish breakout and signal that it’s a good time to buy.</li><li>Volume Indicator: A spike in trading volume will be key to confirming the breakout. Rising volume during a move upward would indicate strong buying interest, supporting a sustained rally.</li></ol><h3 id="time-to-jump-in">Time to Jump In?</h3>With ROSE showing signs of a potential breakout, now could be a good opportunity for those interested in getting in before a possible rally. However, waiting for a confirmed breakout above the wedge pattern with strong volume is advised to avoid potential false signals.<h3 id="conclusion">Conclusion</h3>Oasis (ROSE) appears ready for a significant move, especially if it can break above the descending wedge. With support holding at $0.066 and key resistance targets in sight, ROSE has the potential to reach $0.98 and beyond. As always, this article is for informational purposes only—conduct your own research and consider market risks before investing.Disclaimer: This article is for informational purposes only and not financial advice. Always conduct your own research before investing in cryptocurrencies.Also Read: <a href="https://coinsprobe.com/mantra-om-gains-bullish-momentum-following-google-cloud-partnership-new-ath-soon/" rel="noopener noreferrer nofollow">Mantra (OM) Gains Bullish Momentum Following Google Cloud Partnership: New ATH Soon?</a>

Oasis (ROSE) On The Verge of Major Breakout—Is Now Time to Jump In?

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