Is it time to buy Oasis Network after launching a smart contract ecosystem?
Oasis Network (ROSE:USDT) price rocketed 21% in the last 24 hours.
The DeFi platform launched Emerald, a smart contract ecosystem at the start of the week.
It claims to be the world’s first scalable privacy-enabled blockchain ecosystem.
Oasis Network price is up more than 114% over the last seven days after spiking again on Tuesday. The blockchain ecosystem’s native token (ROSE:USDT) advanced more than 21% in the last 24 hours to trade above $0.45 rallying above the previous all-time high of about $0.447 set on Sunday.
The platform recently launched Emerald, a smart contract ecosystem on top of the existing mainnet ecosystem. The new product is in line with the platform’s goal of being a scalable privacy-enabled blockchain ecosystem that targets the decentralised Finance market.
Is it too late to buy ROSE/USDT?
From an investment perspective, the recent spike in the Oasis Network’s native token ROSE leaves little room for more short-term upward movement. ROSE now has a fully-diluted market cap of about $4.5 billion.
Therefore, given the 23.74% decline in trading volume in the previous 24 hours, investors could be looking at a potential pullback.
Technically, the Oasis Network price seems to be trading within an ascending channel formation in the intraday chart. As a result, the rally has pushed ROSE/USDT to overbought conditions, thus creating an opportunity to take some profits.
Investors could target pullbacks at about $0.4123, or lower at $0.3583, while $0.49 and $0.54 are resistance zones.
In summary, ROSE/USDT seems to have advanced to overbought conditions, thus limiting more upside movement. And with the Emerald launch tailwinds weakening, it could be time to take some profits.