The broader cryptocurrency market has been underperforming over the weekend.
The cryptocurrency market has been underperforming as the brand new week commences. Over the previous 24 hours, the broader cryptocurrency market has misplaced practically 2% of its worth and now has a complete market cap of $1.9 trillion.
Bitcoin, the world’s main cryptocurrency, has misplaced 1% of its worth right this moment and trades beneath the $43k mark. Ether continues to wrestle and will slip beneath the $3,000 psychological degree if the bearish run continues.
ROSE, the native token of the Oasis Community, can also be down by greater than 2% during the last 24 hours. At press time, ROSE is buying and selling at $0.2515 per coin.
The poor efficiency comes regardless of the Oasis Community getting learn for its Damask protocol upgrade. The Oasis Basis introduced just a few hours in the past that the Damask improve will happen later right this moment.
The Oasis Basis mentioned the Damask improve would supply many enhancements, together with elevated safety and efficiency, strengthened governance mechanisms, and extra decentralization.
Nonetheless, it stays unclear if ROSE would rally in just a few hours after the community improve has been accomplished.
Key ranges to observe
The ROSE/USD 4-hour chart is presently bearish because the coin has been underperforming over the previous few days. The technical indicators present that ROSE is performing poorly in the intervening time.
The 14-day relative power index presently stands at 42, down from the 68 recorded final week. The RSI reveals that ROSE may quickly enter the oversold area if the bearish momentum continues.
The MACD additionally slipped into the unfavorable zone over the weekend because the bears took management of the market. If the present market momentum persists, ROSE may drop beneath the primary main assist degree at $0.2183 earlier than the top of the day.
Nonetheless, the foremost assist degree at $0.18836 ought to restrict additional downward motion within the quick time period.
If the bulls regain management of the market, ROSE may check the primary main resistance degree at $0.29356 over the approaching hours.