Oasis Network’s (ROSE) price saw a significant surge on Monday, accompanied by a rise in both trading and transaction volumes. The price skyrocketed to $0.12, reaching its highest level since April 12th. At its peak on Monday, ROSE had surged by nearly 50% from its lowest point in May.
The transaction volume of Oasis Network has experienced a notable increase in recent days. According to CoinGecko, the total volume traded on Monday soared to over $31 million, surpassing the $18 million traded on Sunday. Over the past five days, the average volume stood at over $27 million, a significant rise from the previous average of $15 million.
Additionally, data from Oasis Scan revealed a strong network trend, with over 386,000 transactions processed on Sunday compared to 363,000 on May 26th. These metrics explain why ROSE emerged as one of the top-performing major cryptocurrencies on Monday, despite Bitcoin remaining stable around $69,500 and the total market cap of all coins decreasing by 0.23% to $2.5 trillion.
Oasis Network aims to challenge Ethereum’s leading position among developers by offering a network that separates the consensus and compute layers for enhanced scalability and customizability. However, Oasis still has a long way to go to rival dominant chains like Ethereum, Solana, and BNB Chain. Oasis Sapphire currently has a total value locked (TVL) of $6.18 million, while Oasis Emerald holds $1.28 million.
Looking ahead, the daily chart indicates that the ROSE token price has rebounded after hitting a low of $0.0736 in April, surging by nearly 50% and surpassing the first resistance level of the Woodie pivot point. The bullish crossover pattern formed by the 25-day and 50-day Exponential Moving Averages (EMA) signals potential upward momentum. Additionally, indicators like the Relative Strength Index (RSI) and the MACD are pointing upwards, indicating a possible continued increase.
Therefore, the path of least resistance appears to be higher, with the next point of interest being the third resistance level at $0.1388, implying a 16% increase from the current level. The upcoming Federal Reserve decision scheduled for Wednesday could serve as a catalyst for the ROSE price, with a dovish decision potentially leading to further upside for Oasis Network.