Oasis Network Price Prediction: ROSE could correct 10% before next run north

Oasis Network (ROSE) price is among the altcoins that have benefitted the most from the latest market run, recording almost 70% in gains beginning October 18. However, amid exhausted buyer momentum, ROSE could be due for a correction with 10% losses in sight.

Also Read: ROSE longs could enter once Oasis Network price flips $0.0546 into support

Oasis Network price could drop 10%

Oasis Network (ROSE) price bullish momentum is between a rock and a hard place, split between a formidable supply barrier and the option to begin a load-shedding exercise. Nevertheless, prospects point to a slump, coming on the back of waning momentum, bears gaining ground, and the effects of an overbought asset.

The Relative Strength Index (RSI) is dropping, pointing to falling momentum. Its position above the 70 level shows ROSE is overbought and if this momentum indicator crosses below the 70 level, it could trigger a sell-off.

Meanwhile, the Awesome Oscillator (AO) hints at the bears gaining active ground, indicated by the histogram bars taking to the red color.

With the supply zone extending from $0.07152 to $0.07898 holding as a resistance block, Oasis Network price could extend the rejection 9% to test the $0.06837 support level or lower to tag $0.06346, the November 4 low.

In the dire case, the slump could extend for Oasis Network price to test the bullish breaker, which extends from $0.05065 to $0.05350. A break and close below its midline at $0.05207 would confirm an extended landslide.  

ROSE/USDT 1-day chart

Conversely, an entry of late or sidelined investors, which would culminate in increased buying pressure, could send the cryptocurrency north. A decisive break and close above the midline of the said supply barrier at $0.07533 would confirm the continuation of the intermediary trend (uptrend on the daily timeframe).

A flip of this supply zone into a bullish breaker, confirmed by Oasis Network making it above the $0.08212, would pave the way for a test of the range high of $0.8591, or in a highly bullish case, an extension to the $0.09000 psychological level. This would constitute a 20% climb above current levels.