Is it time to buy Oasis Network after launching a smart contract ecosystem?

Is it time to buy Oasis Network after launching a smart contract ecosystem?

Summary:

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.

Source – TradingView

 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.

The post Is it time to buy Oasis Network after launching a smart contract ecosystem? appeared first on Coin Journal.