Can this altcoin continue to rise in the near term?

Oasis Network (ROSE) has broken out of the long-term and short-term resistance levels. Prices are expected to continue to rise.

Weekly outlook

The ROSE price has increased 115% since the beginning of the year. The upward movement led to a high of $0.077 on Feb. 9. More importantly, the price action presented two decisive bullish signs.

Firstly, the price broke out of the long-term descending resistance line that has been formed since the all-time high. Next, the price regained the $0.049 horizontal zone. This zone previously provided support since May 2021 before the price broke out in November 2022. However, the ongoing upward movement suggests that the break is invalid (color circle). red). Now, the $0.049 zone is likely to provide support.

If the uptrend continues, the next resistance for ROSE will be $0.110.

The weekly RSI supports continuation of the upward movement. After creating a bullish divergence (green line) prior to the entire upward movement, the indicator is now above the 50 level. This is a strong sign of an uptrend, increasing the validity for the breakout.

Weekly ROSE/USDT Chart | Source: TradingView
Weekly ROSE/USDT Chart | Source: TradingView

Oasis price prediction is bullish

Technical analysis from the daily timeframe matches the readings from the weekly timeframe. Therefore, it provides a ROSE price prediction of an increase in February.

The first reason is that the price broke out of the short-term descending resistance line. The second is that the daily RSI has broken out of the bearish divergence (green line).

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Currently, Oasis Network price is attempting to break out of the minor resistance area at $0.072. Since the indicators are bullish on both the weekly and daily timeframes, the breakout is likely to succeed. Therefore, ROSE is expected to reach the $0.110 resistance area.

On the other hand, if a rejection occurs, it will delay the bullish forecast for ROSE. In that case, the price of Oasis Network can drop to the 0.5 Fib retracement support at $0.055.

Daily ROSE/USDT Chart | Source: TradingView
Daily ROSE/USDT Chart | Source: TradingView

In summary, the most likely ROSE price prediction for February is a breakout of the minor resistance area of $0.072 and a rally to $0.110. On the downside, a rejection of this zone can lead to a pullback towards the $0.055 support.

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