Oasis Network (ROSE) Rallies As Binance Labs Backs the Oasis Ecosystem Fund
ROSE managed to gain strong upside momentum when the pressure on the crypto market decreased, and moved closer to all-time high levels thanks to the news from Binance Labs.
Binance Labs Will Join Other Partners To Support Projects Built on Oasis Network
Binance Labs, which is the venture capital arm of Binance, has just announced that it would participate in the Oasis Ecosystem Fund and make contributions on the projects that would be built on the Oasis Network. The goal is to fund the next generation of Oasis applications in hot market segments like DeFi, NFTs, Metaverse, and others.
Back in November, Oasis announced a $160 million Oasis Ecosystem Fund, which included capital from various investment firms. Binance Labs’ investment will push the fund’s size to $200 million.
Not surprisingly, the new investment provided significant support to ROSE as the new capital infusion will increase chances for success of Oasis-based projects.
The Technical Picture Looks Bullish
ROSE is currently trying to settle above the resistance at $0.40. In case this attempt is successful, it will head towards the next resistance level which is located at $0.4070. RSI remains in the moderate territory, and there is plenty of room to gain additional upside momentum in case the right catalysts emerge.
A move above the resistance at $0.4070 will push ROSE towards the resistance at $0.4250. In case ROSE manages to settle above $0.4250, it will move towards the next resistance which is located at $0.4450.
On the support side, ROSE needs to settle back below $0.40. A move below $0.40 will push ROSE towards the support level at $0.3860. In case ROSE declines below this level, it will head towards the support at $0.3785.
Taking a look at H1 chart, we can see that RSI remains in the moderate territory (as on the daily chart), so there is enough room to develop additional upside momentum in the near term. If ROSE manages to settle above $0.40, it will have a great opportunity to develop sustainable momentum.