The Oasis Network cryptocurrency ROSE is looking to find a bottom after retreating from its all-time high of $0.5964 reached at the start of the year. The token price has been down by around 47% year to date and 62% off the January high (as of 28 February).
The network has recently launched decentralised finance (DeFi) applications and has formed partnerships for cross-chain interoperability. In this article we look at the latest Oasis Network news and the outlook for the ROSE token price.
What is Oasis Network?
Oasis Network develops DeFi apps, cross-chain interoperability. It bills itself as the “first privacy-enabled, scalable blockchain network for open finance and a responsible data economy”. Launched in October 2020, the network is backwards compatible with the Ethereum blockchain, enabling developers to bring decentralised applications (dApps) across to the Oasis blockchain, for example decentralised exchange (DEX) Uniswap.
ROSE is the native utility token for the network, which is used to pay transaction fees and for staking and delegation at the consensus layer. The token was launched with a circulating supply of 1.5 billion out of a total fixed cap of 10 billion. Around 2.3 billion tokens will be paid out to stakers and delegators over time as rewards for securing the network.
There are currently approximately 3.49 billion ROSE tokens in circulation, giving it a market capitalisation of $824.5m (£616.6m) at the time of writing (28 February) and ranking it the 90th largest cryptocurrency.
Oasis network (ROSE) price analysis: Further moves towards interoperability
On 11 January, Oasis said that Binance Labs, the investment arm of crypto exchange Binance, contributed to the Oasis Ecosystem Fund, bringing its total available capital to $200m. The Oasis Ecosystem Fund invests in developing applications on the Oasis Network, including DeFi, NFTs, metaverse and privacy applications, as well as the tokenisation and governance of data.
Oasis will provide further financial support with the $500,000 DappRadar x Oasis Accelerator Programme introduced on 9 February. The fund will support developers building apps on the Oasis Network, especially for DeFi, play-to-earn gaming and privacy. Out of those, 10 of the best projects will be selected, starting in April, to receive a grant of up to $50,000 in ROSE coins each.
Oasis also announced on 11 January that DeFi went live on the network, with the YuzuSwap DEX and Wormhole Bridge launching on the mainnet. YuzuSwap enables token holders to participate in liquidity pools, trade and earn yields. The Wormhole Bridge connects Oasis with almost $1bn of total valued locked (TVL) across the Avalanche, Binance Smart Chain (BSC), Ethereum, Polygon, Solana and Terra blockchains. Users can transfer Ethereum-based ERC-20 tokens across the bridge.
Oasis announced further moves towards interoperability on 7 February through a partnership with Celer cBridge. The partnership gives Oasis Network users instant, low-cost transfers between Oasis and other cBridge-supported blockchains and Layer 2 networks.
Oasis Network added that more assets will be added in the future.
On 22 February, Oasis said that GemKeeper.Finance completed its Peckshield security audit, becoming the second DeFi protocol on Oasis to have completed an audit.
GemKeeper is providing BLING (its governance token) incentive rewards for the Oasis ROSE coin paired with Wormhole USDT, as well as ROSE pairs with Multichain BUSD, LINK, AVAX, FTM, USDC and BNB.
The Oasis Network token price rallied by more than 933% in 2021, climbing from $0.04158 to end the year at $0.4298. The price reached an all-time high of $0.5964 on 15 January, but then dropped back to a low of $0.1826 on 24 February.
What is your sentiment on ROSE/USD?
Can the price rebound this year, or will it remain under pressure? Let’s look at what the latest Oasis Network crypto forecasts indicate.
Oasis Network (ROSE) price prediction: Long-term outlook
The short-term sentiment on the ROSE coin was neutral at the time of writing (28 February), according to CoinCodex, with 13 technical analysis indicators giving bullish signals compared with 13 bearish signals.
The average directional index and volume-weighted moving average showed sell signals, while the Hull Moving Average, relative strength index (RSI), stochastic fast, stochastic RSI and Williams Percent Range were bullish. CoinCodex predicted that the oasis network value will drop by 4.55% to $0.221139 by 3 March.
The Oasis Network price prediction from algorithm-based forecast site Wallet Investor (as of 28 February) was bullish on the long-term outlook for ROSE, projecting that the price could move up to $0.556 by the end of 2022. The price could reach $0.9056 by the end of 2023 and $1.608 by the end of 2025, hitting the $2 mark in February 2027.
Digital Coin's ROSE price prediction also expected the price to trend higher over the next few years. Based on historical data, the site’s Oasis Network prediction had the price averaging $0.32 in 2022 and $0.37 in 2023, rising to $0.49 in 2025 and $1.11 by 2030.
Price Prediction’s Oasis Network crypto price prediction for 2030 was far more bullish, estimating that the coin could average $7.39 in 2030. That would be up sharply from $1.02 in 2025 and $0.32 in 2022, according to the site’s deep artificial intelligence-assisted technical analysis.
Gov Capital’s ROSE prediction set the ROSE token trading up to $0.932 by the end of 2022 and $2.191 by the end of 2023, reaching $6.147 by the end of 2025 and $9.259 by the end of 2027. The site did not provide longer-term ROSE coin price prediction for 2030.
It’s important to keep in mind that cryptocurrency markets remain extremely volatile, making it difficult to accurately predict what a coin’s price will be in a few hours, and even harder to give long-term estimates. As such, analysts and algorithm-based forecasters can and do get their ROSE crypto price predictions wrong.
If you are considering investing in cryptocurrency tokens, we recommend that you always do your own research. Look at the latest market trends, news, technical and fundamental analysis, and expert opinion before making any investment decision. Keep in mind that past performance is no guarantee of future returns.
In volatile cryptocurrency markets, it is important to do your own research on a coin or token to determine if it is a good fit for your investment portfolio. Whether the ROSE coin is a suitable investment for you will depend on your risk tolerance and how much you intend to invest.
Forecast sites, including Wallet Investor, Price Prediction, Digital Coin and Gov Capital expected the price for the ROSE token to go up over the next few years (as of 28 February), although they differed in how far the price could rise. You should research the coin yourself to take a view on how it could trade in the future.
As of 28 February, one of the most bullish estimates from Price Prediction expected the price could rise above $5 by 2030.