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After a very exciting 2021, the crypto price behavior in 2022 has been less impressive for most cryptocurrencies. Most coins and tokens have followed a rather similar pattern. After surging until mid-November 2021, they started dropping as the bear market took over. They saw a short rally just before Christmas, only for the price drop to continue in the final days of last year.
As January 2022 kicked off, most cryptos saw a 5-day period of stability, followed by a series of sharp drops that continued until the last few days of the month. After that, the bears withdrew, allowing the market to recover a bit in late January and early February, which was followed by another correction.
Oasis Network price performance
When it comes to Oasis Network (ROSE), it followed this pattern until December 12th, which is when it decoupled from the rest of the market and started following its own path. While the rally before Christmas ended up being rather short for most other cryptocurrencies, ROSE price skyrocketed more than at any point in 2021, which is in itself quite notable.
ROSE went from $0.25 on December 20th to a brand-new all-time high at $0.44 on January 1st, nearly doubling its price. Then, as the rest of the market saw stability during the first several days of January, Oasis network’s price immediately started dropping until it reached $0.32.
It broke several support levels along the way, including the ones at $0.40, $0.35, finally stopping before reaching $0.30. However, the real twist for the token came on January 10th. While most other cryptos were dropping further and further down at this point, ROSE price decided to go in the other way.
Once again, it skyrocketed, breaking one resistance after another, and rushing through its former ATH without even slowing down once it reached it. It struggled a bit when it came to $0.50, but it quickly overpowered this barrier as well, proceeding further up. It was finally stopped by a resistance at $0.60, although it never actually reached it. Instead, it made a new all-time high at $0.5862, which is its record even now.
Dropping from the heights
This was on January 15th, which is when the token finally started feeling all the bearishness of the market, which caused it to start dropping. This first wave forced the price to correct to $0.50, which was a strong support that even allowed it to bounce back, not once, but twice. The first time, the token climbed back up to $0.55, only to drop again. The support caught it once more, allowing it to recover to $0.5255
Without its previous momentum, it dropped again, this time crashing through the support, breaking it along the way. The same situation happened again at the $0.45 support, as well as at the one at $0.40. Eventually, the token dropped to $0.30 around January 22nd, which has held as the token’s strongest support this year.
For the rest of January and the first week of February, the ROSE price fluctuated between this support and a resistance at $0.35, simply going up and down for over two weeks. As the bulls started a price recovery in February, ROSE price briefly broke the resistance at $0.35, and it even surged to $0.40, only to drop back down on February 11th, and sink to $0.30 once again.
On February 14th, the support was briefly broken, but the price soon returned above. Still, the damage was made, and as soon as the bears hit again, the support broke again forcing ROSE down to the new support at $0.25. This is where we find it at the time of writing, February 21st, with ROSE price sitting at $0.2581.
To learn more about this token visit our Investing in Oasis Network guide.
Ali is a freelance writer covering the cryptocurrency markets and the blockchain industry. He has 8 years of experience writing about cryptocurrencies, technology, and trading. His work can be found in various high-profile investment sites including CCN, Capital.com, Bitcoinist, and NewsBTC.