Crypto News- The ROSE price has been on an upward trajectory since September, establishing a higher low in October (green icon) and accelerating its growth thereafter.
Six out of the last seven weekly candlesticks have shown bullish momentum. This week, ROSE reached a peak of $0.088, marking a remarkable surge of over 130% since the September low. This not only stands as a new yearly high but also represents the highest price in the last 470 days.
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Market participants often refer to the Relative Strength Index (RSI) as a crucial momentum indicator for assessing overbought or oversold conditions. It aids in the decision-making process of whether to accumulate or sell an asset.
Readings above 50 in an upward-trending RSI indicate a prevailing advantage for bulls, while readings below 50 suggest the opposite. The weekly RSI is showing an upward trend and currently sits above 50. However, it’s essential to note that the indicator is in overbought territory.
Analyst Sentiments:
Various cryptocurrency traders and analysts are expressing a bullish outlook for the future trend of ROSE. Cryptoholicboy suggests that the price is poised to break out from a horizontal resistance area, anticipating a significant short-term increase. Quang Avenue shares a bullish sentiment, attributing it to the breakout from a crucial horizontal resistance area that could trigger substantial upward movement.
Bitcoin Vanga also maintains a bullish stance, utilizing an ascending parallel channel as the basis for the conclusion. According to him:
“The climb continues within its ascending channel, with the price now hovering around $0.08532. The uptrend remains strong, suggesting further potential. Stay tuned for the next moves!”
ROSE Price Prediction: What’s Next?
Similar to the weekly timeframe, the daily outlook presents a bullish scenario, primarily due to the RSI. The indicator broke out from its bearish divergence trend line (green) and rebounded at 50 (green icon), both indicative of a bullish trend continuation. Simultaneously, ROSE broke out from a descending resistance trend line.
If the current upward momentum persists, ROSE could see a gain of more than 20%, targeting the next resistance level at $0.11. Despite this optimistic prediction, a failure to sustain the uptrend might result in a 10% retracement, validating the $0.078 area as support.
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