Oasis (ROSE), the native token of the Oasis layer-1 blockchain, experienced a sharp 9% drop in the last 24 hours, sinking to multi-month lows of $0.0314.
This decline follows a broader market downturn, with Bitcoin (BTC) and other major altcoins also mirroring weakness in global stocks after Moody’s downgrade of the U.S. credit rating. The downturn has left ROSE down more than 22% over the past week despite still being 68% higher than its April 7 low of $0.019.
The current price action for ROSE is notably bleak, with the token now trading 94% below its all-time high of $0.59, which was achieved in early 2022. The altcoin has also lost 63% of its value over the past year, highlighting a struggle to maintain bullish momentum. A persistent downtrend began after ROSE reached a local high of $0.14 in December 2024, and bearish sentiment continues to dominate.
Trading data reflects this negative sentiment, with 24-hour trading volume up 21% to over $17 million, while derivatives data from Coinglass indicates a 12% drop in open interest. This contraction in open interest suggests a lack of confidence among traders, aligning with technical indicators that signal further downward pressure. The relative strength index (RSI) remains slightly above neutral but is sloping downward, indicating weak buying interest.
From a technical perspective, ROSE is trading below its middle Bollinger Band after failing to breach the upper band, reinforcing the bearish outlook. Analysts suggest that for ROSE to break out of its downtrend, it would need to reclaim key resistance levels and see renewed market optimism across altcoins. Until then, the path of least resistance appears to be downward, with traders remaining cautious amid broader market uncertainty.
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