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Here is why ROSE is up by more than 5% today

February 28, 2022 By Hassan Maishera

The cryptocurrency market has been performing well over the past few hours despite the ongoing tensions in Russia and Ukraine.

Bitcoin and the other major cryptocurrencies have been performing well since the start of the week. Bitcoin finally topped the $40k resistance level after rallying by more than 2% in the last 24 hours.

Thanks to the ongoing rally, the total cryptocurrency market cap has surpassed the $1.8 trillion mark and could soon reach $1.9 trillion.

ROSE, the native token of the Oasis Network, is one of the best performers amongst the top 100 cryptocurrencies by market cap. ROSE has added more than 5% to its value in the last 24 hours and currently trades at $0.245 per token.

The major catalyst behind ROSE’s ongoing rally is the launch of the Fountain Protocol on the Oasis Network. Fountain Protocol is the first community-built lending protocol to launch on the blockchain.

https://twitter.com/OasisProtocol/status/1498298356111663110

Key levels to watch

The ROSE/USD 4-hour chart is extremely bullish as the cryptocurrency outperforms most of the coins in the top 100. The technical indicators show that ROSE is performing well so far today.

The MACD line crossed the neutral line into the positive zone earlier today, thanks to ROSE’s ongoing rally. The 14-day relative strength index of 71 shows that ROSE is close to the overbought region, a strong indication of its bullish momentum.

If the market conditions improve, ROSE could rally past the first major resistance level at $0.280 over the next few hours.

However, ROSE would need the support of the broader cryptocurrency market if it intends to trade above the $0.35 resistance level for the first time in more than a week. 

The major resistance level at $0.390 should limit further upward movement in the short term.