The price of Oasis Network’s native token, ROSE, has experienced a significant drop of nearly 10% within the past 24 hours, aligning with market forecasts. This decline has brought the support level of $0.06837 into focus.

Analysts anticipate that ROSE may encounter heightened volatility in the coming days due to a scheduled token unlock event. On November 18th, approximately 200 million ROSE tokens, with a market value of $13.97 million, will be released into circulation.

Oasis Network Token Unlock Details

The Oasis Network’s vesting calendar indicates that 196 million ROSE tokens, valued at $13.97 million, will be unlocked on November 18th. These tokens will be distributed among various entities, including the foundation, community members, core contributors, project partners, and the reserve.

Token unlocks often trigger bearish market sentiment, as they increase the supply of tokens available in the market. While some tokens allocated to the foundation and reserve may be held, it is likely that community members, core contributors, and project partners will seek to cash in their tokens to avoid market fluctuations.

During a previous unlock event on August 18th, the price of Oasis Network dropped ahead of the event and experienced volatility for several weeks following. At that time, 170 million ROSE tokens worth $12.19 million were unlocked.

Technical Outlook for Oasis Network

The unlocking of ROSE tokens is expected to result in increased volatility for the cryptocurrency over the next few days. The price may consolidate below the $0.06837 support level. However, technical indicators suggest that Oasis Network has the potential to recover after the initial sell-off. The Relative Strength Index (RSI) remains above 50, while the Awesome Oscillator (AO) is still in positive territory.

If buying pressure increases, Oasis Network’s price could break through the $0.07533 resistance level, signaling a continuation of the upward trend. In a bullish scenario, ROSE could reach the $0.08146 range high, representing a potential 15% increase from current levels.

Conversely, if selling pressure intensifies, Oasis Network’s price could fall below $0.06837 and potentially reach $0.06346. A significant drop below the bullish breaker at $0.05207 could indicate a reversal of the trend and bring the support level of $0.04215 into play.

The RSI is currently declining, suggesting that while bulls remain in control, buying momentum is weakening. If left unchecked, bears could regain control of the ROSE market.

Disclaimer

This article contains forward-looking statements that involve risks and uncertainties. The author does not guarantee the accuracy or completeness of the information provided. Investing in cryptocurrencies conlle sharp risks, including the potential loss of capital.

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