ROSE's price nears a key two-year resistance trendline after testing $0.05 support multiple times since mid-2023.
A potential breakout above $0.055-$0.06 could push ROSE to previous highs between $0.10 and $0.15.
Failure to break resistance may lead to a retest of lower support levels around $0.03-$0.04, increasing downside risk.
The cryptocurrency ROSE, trading against Tether (USDT) on Binance, is nearing a crucial technical level. After experiencing a prolonged downtrend that began in early 2022, the price is testing a significant downward resistance trendline that has persisted for over two years. As of September 2024, ROSE is trading at $0.0551, facing a critical moment as it approaches the trendline.
https://twitter.com/CryptoLeo00/status/1834290887507001415 Decline Since 2022 and Testing of Support Levels
In 2021, ROSE witnessed a strong bullish movement, climbing to a high of $0.55 in January 2022. However, after this peak, the market saw a swift decline, and the price steadily fallen throughout 2022 and into 2023.
Despite several attempts to break upward, the red downward trendline has acted as a persistent resistance. In mid-2023, the price stabilized near $0.05, creating a potential support level. This support has been tested multiple times, and the price is now hovering around this area once again.
Current Market Activity & Potential Breakout Scenario
Recent price activity shows a slight uptick, with ROSE rising by 9.37% in early September 2024, indicating possible bullish sentiment. The current level of $0.0551 brings the price close to the downward trendline, which has acted as resistance since the beginning of the downtrend.
Breaking this trendline, which intersects the price around $0.055-$0.06, could lead to further upside momentum. If this happens, the price may target previous highs near $0.10 to $0.15, where previous consolidation occurred.From August 2023 to August 2024, the index for all items, excluding food and energy, increased by 3.2 percent. During the same period, the food index saw a rise of 2.1 percent, reflecting a moderate increase in overall food prices within that year.
Market Risks and Support Levels
However, failure to break the trendline could result in the price retesting lower support levels. If $0.05 fails to hold as support, the price may decline to the next support zone around $0.03-$0.04, which has historically provided a floor for the market.
This scenario could lead to further downside if the support breaks. With these key levels in play, market participants will be closely monitoring how the price behaves near the trendline and support areas in the coming weeks.
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