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Today’s Biggest Gainer: Oasis Network Rises 17% With More Upside Potential

Last Updated June 11, 2024 8:45 AM
Nikola Lazic
Last Updated June 11, 2024 8:45 AM

Key Takeaways

  • ROSE price rebounded, gaining 17% in 24 hours.
  • Partnership with Google Cloud boosted Oasis Labs.
  • Potential for new yearly high with ongoing momentum.

The price of Oasis increased by 17% from its low yesterday of $0.10 to a daily high of $0.12, making ROSE the biggest gainer in the last 24 hours. It encountered resistance at the previous high but no major signs of momentum slowing down. 

As it was previously in a downtrend, losing 18% of its value, this could be an early sign of further upside potential. 

What Drove The Last Uptrend? 

On May 30, Oasis Labs, known for its expertise in private computing, partnered with Google Cloud . The company announced the collaboration with a statement highlighting the introduction of Oasis PrivateSQL, an innovative privacy-preserving data analytics product, now available on the Google Cloud Marketplace.

Dawn Song, the founder of Oasis Labs, expressed the company’s commitment to privacy, stating that its mission is to empower organizations to leverage their data while protecting individual privacy. He added that the availability of PrivateSQL on Google Cloud greatly simplifies how businesses can maintain this privacy at scale.

Since then, ROSE increased by 33% and achieved higher prices than in April, reaching $0.124 on June 6. Today’s rise is likely the continuation of this momentum.

ROSE Price Analysis  

The price of ROSE started its last major uptrend in September last year at around $0.040. From there, it climbed to a yearly high of $0.18 in mid-March. A sharp downturn followed, bringing the price down by 57% to a low of $0.080 on April 13. 

ROSEUSD | Credit: Nikola Lazic/Tradingview

This was a 0.618 Fibonacci retracement, and with the daily chart Relative Strength Index coming to 25%, ROSE was oversold. It didn’t immediately start an upturn but first consolidated between $0.08 and $0.10 until June 5, when it finally broke out. 

We could have seen the completion of its corrective phase in mid-April, in which case a new uptrend started that could potentially lead to a new yearly high. Looking at the 4-hour chart and projecting the target with the Fibonacci extension tool, we come up with a target of $0.32 for its next wave. 

ROSEUSD | Credit: Nikola Lazic/Tradingview

That won’t end this rise, as two more waves should develop if ROSE is in a larger bull phase. Wave 5 could reach $0.40, but to have more confidence in this projection, we first need to see the price surpassing its $0.20 resistance. 

Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.
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