Oasis Network (ROSE) price rallied on Monday, accompanied by an uptick in trading and transaction volumes. Its price surged to $0.12, marking its highest level since April 12th. At its peak on Monday, ROSE had climbed nearly 50% from its lowest point in May.
Trading and transaction volumes rising
Oasis Network’s transaction volume has jumped in the past few days. According to CoinGecko, the total volume traded on Monday rose to over $31 million, higher than the $18 million handled on Sunday.
Over the past five days, the average volume was over $27 million, a substantial incraese from the previous five day average of $15 million.
Additionally, data by the Oasis Scan revealed a robust network trend, with over 386,000 transactions processed on Sunday compared to 363,000 on May 26th.
These two data points explain why ROSE was one of the best-performing major cryptocurrency on Monday, even as Bitcoin remained stagnat around $69,500 and the total market cap of all coins dropped by 0.23% to $2.5 trillion.
Oasis Network is one of the networks seeking to challenge Ethereum’s dominance among developers. Its primary advantage is that its network separates the consensus and compute layers to provide more scalability and customizability.
Oasis still has a long way to go to challenge the other dominant chains like Ethereum, Solana, and BNB Chain. Oasis Sapphire has a total value locked (TVL) of just $6.18 million while Oasis Emerald has $1.28 million.
Oasis Network price forecast
The daily chart shows that the ROSE token price has bounced back after bottoming at $0.0736 in April. It has jumped by almost 50% and moved above the first resistance of the Woodie pivot point.
The 25-day and 50-day Exponential Moving Averages (EMA) have formed a bullish crossover pattern, which is a popular sign. Meanwhile, oscillators like the Relative Strength Index (RSI) and the MACD have all pointed upwards, a sign of increased momentum.
Therefore, the path of the least resistance is higher, with the next point to watch being the third resistance point at $0.1388. This implies a 16% increase from the current level.
The next potential catalyst for the ROSE price will be the upcoming Federal Reserve decision set for Wednesday. A dovish decision, where the Fed leaves rates unchanged and points to rate cuts later this year, will lead to more Oasis Network upside.
