ROSE underperforms despite an upcoming upgrade

The broader cryptocurrency market has been underperforming over the weekend.

The cryptocurrency market has been underperforming as the new week commences. Over the past 24 hours, the broader cryptocurrency market has lost nearly 2% of its value and now has a total market cap of $1.9 trillion.

Bitcoin, the world’s leading cryptocurrency, has lost 1% of its value today and trades below the $43k mark. Ether continues to struggle and could slip below the $3,000 psychological level if the bearish run continues.

ROSE, the native token of the Oasis Network, is also down by more than 2% over the last 24 hours. At press time, ROSE is trading at $0.2515 per coin.

The poor performance comes despite the Oasis Network getting read for its Damask protocol upgrade. The Oasis Foundation announced a few hours ago that the Damask upgrade will occur later today. 

The Oasis Foundation said the Damask upgrade would provide many improvements, including increased security and performance, strengthened governance mechanisms, and more decentralization.

However, it remains unclear if ROSE would rally in a few hours after the network upgrade has been completed. 

Key levels to watch

The ROSE/USD 4-hour chart is currently bearish as the coin has been underperforming over the past few days. The technical indicators show that ROSE is performing poorly at the moment.

The 14-day relative strength index currently stands at 42, down from the 68 recorded last week. The RSI shows that ROSE could soon enter the oversold region if the bearish momentum continues. 

The MACD also slipped into the negative zone over the weekend as the bears took control of the market. If the current market momentum persists, ROSE could drop below the first major support level at $0.2183 before the end of the day.

However, the major support level at $0.18836 should limit further downward movement in the short term.

If the bulls regain control of the market, ROSE could test the first major resistance level at $0.29356 over the coming hours.