The Oasis Network price rallied sharply during the weekend as demand from investors rose. The ROSE token price jumped to an all-time high of $0.4680. This price was about 165% above the lowest level this month. On Monday, the price retreated and is currently trading at $0.3800, bringing its total market capitalization to more than $569 million.
What is the Oasis Network?
Oasis Network is a fast-growing blockchain project that is backed by some leading Silicon Valley investors. Among its early investors are funds like Polychain Capital, Accel, a16z, and Pantera. Its technology has been incorporated in leading projects like Balancer, Wyre, and Tidal.
These integrations and backers mean that there is a likelihood that Oasis Network will be the next big thing in cryptocurrencies. Besides, a backer like Polychain has also invested in several top-performing currencies like Solana, Avalanche, Cosmos, Zilliqa, and Tezos among others.
The Oasis Network price jumped sharply as investors reflected on the platform’s mainnet launch this month. The upgrade from beta to mainnet happened on November 18th. The network is a layer 1 platform that is scalable, versatile, and private.
It has two layers known as consensus and ParaTime layer that enable the network to support many different compute environments. It also has a feature known as confidential compute, meaning that data is encrypted when being processed. ROSE is the native token for the ecosystem.
Oasis Network price prediction
The 3-hour chart shows that the ROSE price has been in a strong bullish trend lately. The climax of this rally happened during the weekend when the price surged to an all-time high of $0.4677. Since then, the coin has declined by about 20% as investors reflect on the rally and as other cryptocurrency prices drop.
The coin has moved to the pivot point shown in black. It is also approaching the key support level at $0.3415, which was the highest level on November 18. Therefore, the Oasis Network price will likely remain under pressure for now. I suspect that it will rebound and hit the R1 at around $0.50.