The primary digital asset of Oasis Network, known as ROSE, is showing signs of a turnaround amidst market fluctuations. This change is evidenced by a rounding bottom pattern and is backed by the convergence of the 50-day and 200-day Exponential Moving Averages (EMA), a widely recognized bullish signal in technical analysis.

Factors Behind ROSE’s Positive Movement

Despite a slowdown in the overall market and increasing selling pressure, ROSE's price is bucking the trend. The asset's upward momentum is fueled by growing demand as it shifts from a corrective phase to a bullish uptrend. Analysts foresee the possibility of ROSE hitting the psychological milestone of $1 within the near future.

The uptrend was kickstarted by a notable recovery from the support level at $0.080, enabling ROSE to recapture the crucial psychological threshold of $0.10, thereby boosting market confidence. Currently, the altcoin's market cap is inching closer to the billion-dollar mark, indicating a surge in investor trust.

Sustainability of ROSE’s Positive Trajectory

On the daily chart, ROSE is forming a rounding bottom with a resistance zone at $0.1315, linked to the 50% Fibonacci retracement level, establishing it as a crucial supply zone. A breakout above this level could trigger a significant price surge. Currently trading at $0.12305, ROSE has recorded a 1.86% intraday gain and has surged by nearly 50% in the last month.

Multiple technical indicators bolster this rebound. The Directional Movement Index (DMI) displays VI lines in a bullish alignment along with an increasing Average Directional Index (ADX), indicating a strengthening recovery rally. Moreover, the 50-day and 200-day EMAs are on track for a golden cross, a common signal of substantial upward price momentum.

Key Considerations for Investors

• Keep a close watch on the $0.13152 resistance level for potential breakout opportunities.
• Monitor the golden cross formation in the 50-day and 200-day EMAs as a signal of sustained upward movement.
• Pay attention to the 78.60% Fibonacci retracement level at $0.1606 as the next significant price target, signaling a potential 30% uptick.

If the uptrend continues, breaching the $0.13152 resistance level could present a lucrative buying chance. Such a breakthrough might propel ROSE towards the 78.60% Fibonacci level at $0.1606, potentially resulting in a 30% upward movement.