Oasis Network (ROSE) Maintains Bullish Trend Despite Slowing Momentum

Key Takeaways

• ROSE could reach $0.30 in the next impulse.
• $0.083 serves as critical support.
• Momentum recovery indicates potential for a sustained uptrend.

The Oasis Network (ROSE) price analysis reveals a developing Elliott Wave structure, with recent price action suggesting a potential higher-degree wave 3 formation.

After bottoming at $0.050 in early September, the price initiated a strong uptrend, possibly forming the first sub-wave of wave 3.

With momentum building and the Relative Strength Index (RSI) recovering, the ROSE is poised for higher price levels, potentially targeting $0.30 in its next major move.

ROSE Price Analysis 

The ROSE daily chart highlights a clear Elliott Wave formation, currently developing within an impulsive wave structure.

After peaking in Wave (i) near $0.20 in March, the price experienced a retracement down to critical support level.

On Sept. 6, it landed on $0.050, concluding its second sub-wave, after which we saw the beginning of a new uptrend. 

There is a strong chance that this September uptrend is the first sub-wave of the higher-degree wave 3, leading to higher prices than in March. Potentially, it will reach $0.30 at its next high. 

The RSI indicates mild recovery from oversold conditions, suggesting growing momentum, though confirmation of bullish strength is needed for sustained upward movement.

Key Observations:

• Potential Breakout: A break above the descending trendline signals the start of Wave (iii).
• Fibonacci Targets: Key resistance levels include $0.20 (Wave (i) peak), $0.24 (1.272 extension), and $0.29 (1.618 extension).
• RSI Recovery: Momentum is stabilizing, indicating possible accumulation before a breakout.

Support Zones: Immediate support is $0.087; holding failure could lead to retesting $0.05.

ROSE Price Prediction

Analyzing the 4-hour chart, we can see that a lower degree five-wave impulse is likely in development, currently completing Wave (iii) of the larger impulsive sequence.

After a sharp upward movement to $0.10, the price entered a minor corrective phase wave (iv), consolidating near key Fibonacci retracement levels.

Wave (iv) appears to form a flat correction, with support levels aligning with the 0.786 Fibonacci retracement at $0.083.

The RSI indicates a slight decline but remains above oversold levels, suggesting the corrective phase stabilizes.

A continuation of the uptrend in Wave (v) will likely test higher Fibonacci extensions, targeting significant resistance near $0.11 (1.618 Fib extension).

However, failure to maintain an upward trajectory could invalidate the bullish outlook, leading to deeper retracements.

Key Levels to Watch:

Support Levels:

• $0.083 (0.786 Fibonacci): Immediate support for the ongoing Wave (iv) correction.
• $0.077 (0.618 Fibonacci): Secondary support, critical for preserving bullish momentum.
• $0.064 (0.236 Fibonacci): Strong base support in case of bearish invalidation.

Resistance Levels:

• $0.111 (1.618 Fibonacci): Primary target for Wave (v) extension.
• $0.124 (2.0 Fibonacci): The key breakout level aligns with Wave (v) completion.
• $0.154 (2.618 Fibonacci): Long-term resistance and potential overextension target.

A breakout above $0.10 would confirm the resumption of the uptrend, while a failure to hold above $0.083 could lead to a retest of $0.077.

About the Author

Nikola Lazic

Nikola Lazic is a cryptocurrency analyst and investor working in the industry since 2017. He holds a bachelor's degree in Sociology, which enables him to better understand the psychology behind the crowd´s positioning. Consequently his preferred analytical tool is Elliott Wave Theory in combination with price action analysis. Combining his experience in trading and investing with knowledge in content writing he strives to bring the most accurate and actionable information. Expertise: Cryptocurrencies, Technical analysis, Elliott Wave Theory, On-chain metrics, Research reports.

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