ROSE, the native token for the Oasis Network, thrust into the weekend with a bullish front that raised the price 33% to the Sunday high of $0.081. With this move, investors recovered the losses made between Thursday and Friday after bears interrupted last week’s rally.
In today’s trading session, bears are pulling the same strings, being a stumbling block to the trajectory bulls set on Sunday. At the time of writing, ROSE was trading at $0.07 after losing 11.13% on the last day. The token’s trading volume was also down 23.83% to $175.7 million, with its market cap at $408.26, 11.38% lower than what was recorded on Sunday.
However, with the expected release of the Consumer Price Index (CPI), the investors in the crypto market, like in every other market, have had their focus renewed on risk appetite.
Oasis is the leading privacy-enabled and scalable layer-1 blockchain network, uniquely combining high throughput and low gas fees with secure architecture to deliver a next-generation foundation for Web3 capable of powering decentralized finance (DeFi), GameFi, non-fungible tokens (NFTs), the Metaverse, Data tokenization, and Data DAOs.
Cheers to the 240K+ believers in blockchain privacy following us on Twitter!
Providing the privacy layer for web3 — and scaling blockchain utility & data ownership for all — wouldn’t be possible without the support of the entire Oasis community
Upwards and onwards to 300K ? pic.twitter.com/XaJ99FHRNu
— Oasis Network (@OasisProtocol) February 12, 2023
ROSE Among Altcoins Preparing For U.S. CPI Report
With Bitcoin (BTC) unable to make it above key levels, the much-anticipated U.S. CPI report is expected for release tomorrow, Tuesday, February 14. The announcement may impact the whole crypto sector, and the Oasis Network’s ROSE token stands in readiness.
As this next CPI report is expected to come in relatively hot
Markets seem to be taking a bit of a pause/ slight pull back with the anticipation of this next report
Feb 14 is when this is to be released pic.twitter.com/IgacaDn51m
— Crypto Rudiments LLC (@CryptoRudiments) February 13, 2023
BTC price and other altcoins in the crypto market have witnessed massive selling pressure that could be influenced by the upcoming CPI rates. So far, the rejections seem similar to the breakouts that failed in the previous release, which explains why renowned analysts Michael van de Poppe tells his 647.8K Twitter followers that expecting tons of profits when trading the Consumer Price Index event would be a long shot.
Just a tip towards the CPI event of tomorrow;
Take it slow.
Don’t think you’ll be making a ton of money trading the event.
Enough people think they can, that’s why we get those massive wicks and that’s why many get liquidated.
Zoom out, have no leverage exposure and wait.
— Michaël van de Poppe (@CryptoMichNL) February 13, 2023
Experts predict the estimated CPI data will be approximately 6.2% against the 6.5% recorded in December. As such, the next few days could deliver a lot of volatility as the CPI rates continue heading toward the bottom of the curve, which peaked at 8.7% in July 2022.
As a rate of more than 6.1% would trigger a significant downswing, a sizable plummet in Bitcoin price may manifest following the new rates release, and with it, other altcoins like ROSE could also drop. On the other hand, a CPI rate below 6.1% will positively influence the market, pumping BTC price above $22K, and in the same way, the rest of the altcoins will record price gains.
However, if Bitcoin and other cryptos are still down as the hours to the CPI data release close in, the data could, in fact, be weak, an outcome that could uplift the price of the largest crypto by market cap.
Nevertheless, given that the markets have been witnessing a minor upswing every time in the past, a similar outcome could take form between Tuesday and the weekend. This explains why ROSE bulls are looking at a 70% rally.
ROSE Bulls Plan a 70% Rally: Renewed Risk Appetite?
At the time of writing, the ROSE price was trading at $0.071 as investors monitored the CPI timer. The price was facing immediate resistance at $0.08. If bulls manage to increase buying momentum past this level, the first sensible target for ROSE would be the 78.6% Fibonacci retracement at $0.086.
Past this level, bulls could be looking at the 107% Fibonacci retracement at $0.105 and, in highly ambitious cases, retag the 132$ Fibonacci retracement at $0.122 last tested in May before the Terra collapse sent a wave of catastrophe to sweep the crypto market causing unprecedented losses in value for cryptocurrencies.
If the ROSE price makes it to the $0.12 level, it will signify a 69.88% increase from the current levels.
ROSE/USD Daily Chart
ROSE price had strong support downward, which bolstered the bullish outlook. As the duration of the CPI data report closes in, bulls could take advantage of the Simple Moving Averages (SMAs) and use them as breathing zones before re-entering the market. The first breathing zone was the 200-day SMA at $0.057, followed by the 50-day SMA at $0.049, and finally, the $0.047 level.
The bullish outlook for the ROSE price was indeed doable, given the upward movement of the 50-day SMA, suggesting that more buyers were still some buyers in the market.
On the downside, as anxiety about the inflation data builds up, the ROSE price could plunge further as investors continue to book early profits and save themselves from possible losses if the rate is above 6.1%. If such an outcome prevails, the ROSE price would first fall to the 50% Fibonacci retracement at $0.0669.
If selling pressure increases, the price could drop lower to the 23.6% Fibonacci retracement at $0.049 embraced by the 50-day SMA and, in extreme cases, retest the $0.033 support floor.
As uncertainty builds around ROSE and the rest of the cryptocurrencies, consider MEMAG, a token too strong for macroeconomic factors.
— Meta Masters Guild (@MEMAGgames) February 13, 2023
It is worth mentioning that presale projects are currently thriving in the crypto market, and Meta Masters Guild qualifies among the hottest play-to-earn (P2E) presales that are now live.
The project has everything, starting from an immersive gaming concept, a team of seasoned veterans, and a unique utility, among other elements that make it stand out from others in the market today. As a result of all these, crypto experts and influencers believe that MEMAG will deliver (at least) 30x gains once the presale is complete and makes its first appearance on an exchange.
MEMAG is the native token for the Meta Masters Guild, the first mobile-based Web3 gaming guild whose news is spreading fast among the crypto community. The latest numbers back up the hype, as the token has already raised more than $4.28 in the presale stage despite the fundraiser starting only a few weeks ago.
The last stage of the Memag presale is live now! ??
Get in on the action and secure your spot?⚔️
The MEMAG community has raised over $4.2 million! ?
— Meta Masters Guild (@MEMAGgames) February 13, 2023
With the last stage already started, now is the best time to buy in on the best project so far while the token is still going at discounted prices.
Meta Masters Guild – Play and Earn Crypto
- Innovative P2E NFT Games Library Launching in 2023
- Free to Play – No Barrier to Entry
- Putting the Fun Back Into Blockchain Games
- Rewards, Staking, In-Game NFTs
- Real-World Community of Gamers & Traders
- Round One of Token Sale Live Now – memag.io