Oasis Network Price Up 7.94% – Time to Buy ROSE Coin?

• Investors are looking at whether to buy ROSE, as the coin appears to be on the upsurge following the broader crypto market’s correction
• Oasis Network recently launched a massive development fund to attract builders to its ecosystem
• The blockchain has also been able to tap into the NFT craze with a recent drop

With the broader crypto market still looking to shake off the bearish run that started in 2022, investors want to buy ROSE. The asset has proven to be quite resilient over the past 24 hours, leading to some interest.

The crypto market currently has a capitalisation of $1.974 trillion, down 10.8% from the start of the year. Still, ROSE is trading at $0.3539, up 7.94% in the past 24 hours. This is after the asset tested a month-long low on Sunday.

ROSE is the native token for the Oasis Network – a layer-one (L1) blockchain built using the Cosmos software development kit (SDK). The privacy-focused blockchain is designed for optimising transaction performance and bolstering open finance and a responsible data economy.

With high transaction costs plaguing many of the top blockchain protocols over the years, other alternative blockchains have become more attractive to investors.

With high transaction throughput and secure software infrastructure, Oasis hopes to power scalable and private decentralized finance (DeFi), helping it to reach a broader market.

Recent Expansion Efforts Give ROSE Strong Fundamentals

Last year was a huge one for blockchain protocols. Noticing developers’ dissatisfaction with legacy blockchains like Ethereum, many of them pushed to attract developers to build on their platforms.

Oasis Network was no different. Back in November, the blockchain’s developers announced a $160 million Oasis Ecosystem Fund, designed to attract founders and projects to build on its ecosystem.

The fund is backed by different partners and investors, including top names like Pantera Capital. Draper Dragon, and FBG. Its objective is to expand the Oasis ecosystem into some of the most fledgling tech sectors – such as DeFi, data decentralized autonomous organizations (DAOs), and the metaverse.

Tapping Into the NFT Craze

Over the past year, the crypto market has seen a significant rise in gaming and non-fungible tokens (NFTs). Several projects have been able to gain from these trending concepts, and Oasis Network is doing just that.

Late in December, the Oasis Network launched Oasis AI Rose NFTs – the first NFT project on the blockchain. Oasis minted and airdropped 999 artificial intelligence-generated roses to users as it looked to increase community engagement.

Also, the network recently signed a partnership with NFTb – a multi-chain NFT and DeFi platform.

Oasis Technical Analysis – ROSE Looking to Start a Consolidation?

On the daily chart, ROSE is looking very bullish. The asset broke its uptrend structure around the 05:00 mark, but it quickly consolidated and resumed its uptrend as more investors moved to buy ROSE in the past few hours.

However, investors would want to be careful as ROSE has broken its uptrend for the second time today. After topping out at $0.35889, ROSE has formed successive lower highs and appears to be trending downward.

The asset has also tapped into the $0.3517 support line, and it is now forming a structure. If it continues to trend downward, you might not want to buy ROSE right now.

As for indicators, things are looking a bit murky. ROSE is about to hit its 10-day moving average (MA) of $0.35236. But, it is trailing every other major MA indicator – from the 20-day MA of $0.35266 to the 200-day MA of $0.35394.

ROSE’s moving average convergence divergence (MACD) is also significantly negative, showing an overwhelming sell signal.

The 23.6% Fibonacci retracement level puts ROSE at $0.35499, with the 50% metric serving as resistance at $0.35062.

With the asset holding a relative strength index (RSI) of 27.16, ROSE is still very much oversold.

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