ROSE coin price fronts a surge in supply above the $0.30 threshold resulting in a downfall below the support trendline. Will the downfall crack under $0.25? Key technical points:
- ROSE prices have decreased by 13.41% in the past 24 hours.
- In addition, the MACD indicator shows an inevitable bearish crossover.
- Finally, the 24-hour trading volume of Oasis Network is $169.69 Million, marking a 22% fall.
Past Performance of ROSE
ROSE coin price has been rising in a parallel channel starting from the bottom at $0.21 in the third week of March. The rally inflated the prices by 50% in just 20 days and reached the $0.30 mark. However, the higher price rejection above $0.30 due to increased selling drove the prices below the support trendline.
Source-Tradingview
ROSE Technical Analysis
ROSE coin price action creates a consecutive bearish candle with long wicks, accounting for a 15% fall within 48 hours. Hence, the advanced supply is apparent in the long wicks and bearish candles, indicating a high chance of falling below the $0.25 mark. The bearish trend breaks below the 100-day EMA and challenges the 50-day EMA. However, the 200-day EMA below the $0.25 support zone keeps the bullish reversal possibilities alive. RSI Indicator: The RSI slope faces rejection near the 70% boundary resulting in a reversal from the nearly overbought territory. Moreover, the falling RSI slope cracks under the 14-day average and reflects the increased bearish continuation possibility. MACD Indicator: The MACD and signal lines showcase a sharp decrease in the bullish spread and increase the chances of bearish crossover. Hence, the indicator projects a significant rise in underlying bearishness. The ROSE technical analysis keeps a bearish bias as the bearish candle creeps into the $0.25 support zone.
Upcoming Trend
ROSE coin price sinks below the rising channel as the supply pressure increases and warns against the support zone fallout. Therefore, the fallout will bring an excellent selling opportunity with a downtrend potential of 20% to hit the $0.20 mark if the 200-day EMA collapses. Support Levels: $0.25 and $0.20 Resistance Levels: $0.28 and $0.30
