Oasis Network (ROSE) experienced a notable price rally on Monday, driven by an increase in trading and transaction volumes. The price surged to $0.12, marking its highest level since April 12th. At its peak on Monday, ROSE had ascended nearly 50% from its lowest point in May.

Trading and Transaction Volumes Rising

Oasis Network’s transaction volume has seen a significant uptick in recent days. Data indicates that the total volume traded on Monday exceeded $31 million, surpassing the $18 million handled on Sunday. Over the past five days, the average volume was over $27 million, a considerable increase from the previous five-day average of $15 million.

Further data revealed a robust network trend, with over 386,000 transactions processed on Sunday compared to 363,000 on May 26th. These data points help explain why ROSE was a strong performer on Monday, despite Bitcoin remaining stagnant around $69,500 and the total market cap of all coins dropping by 0.23% to $2.5 trillion.

Oasis Network’s Position in the Market

Oasis Network is one of the platforms aiming to challenge Ethereum’s dominance among developers. Its primary advantage lies in its network architecture, which separates the consensus and compute layers to offer better scalability and customizability.

However, Oasis still has a considerable journey ahead to compete with dominant chains like Ethereum, Solana, and BNB Chain. Oasis Sapphire has a total value locked (TVL) of $6.18 million, while Oasis Emerald has $1.28 million.

Oasis Network Price Forecast

The daily chart shows that the ROSE token price has rebounded after hitting a low of $0.0736 in April. It has risen by almost 50% and moved above the first resistance of the Woodie pivot point. The 25-day and 50-day Exponential Moving Averages (EMA) have formed a bullish crossover pattern, a popular indicator among traders. Meanwhile, oscillators like the Relative Strength Index (RSI) and the MACD are pointing upwards, signaling increased momentum.

Therefore, the path of least resistance appears to be higher, with the next point to watch being the third resistance point at $0.1388, which implies a 16% increase from the current level. The next potential catalyst for ROSE’s price will be the upcoming Federal Reserve decision set for Wednesday. A dovish decision, where the Fed leaves rates unchanged and hints at rate cuts later this year, could further boost the Oasis Network.

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