Oasis Network recently formed a partnership with SYNTHR. In this context, it introduced a synthetic variation of its native token, ROSE. ROSE price has not reacted positively to the news so far. On the contrary, it started a downward movement on October 9. Crypto analyst Valdrin Tahiri points south for the altcoin price.
Oasis Network partnership adds multiple new blockchains
In a groundbreaking partnership, Oasis Network, powered by a16z, is collaborating with SYNTHR to introduce syROSE. This is a synthetic iteration of ROSE, the native token of the Oasis ecosystem. As we at Kriptokoin.com reported, this innovative move connects Oasis to multiple Blockchain networks, including Ethereum, Arbitrum, Avalanche, Polygon and BNB Chain. Thus, unlocking multi-chain compatibility.
SYNTHR is known for its technical prowess in supporting synthetic omni-chain assets. The project aims to revolutionize liquidity access for users across ecosystems. This strategic alliance increases user privacy. Moreover, its benefits do not end there. It also facilitates exchanges, staking, lending and much more in the decentralized world of Web3. Thus, it also increases the utility of ROSE, the token of the altcoin project.
What will the collaboration bring for the altcoin project?
Jernei Kos, one of the managers of the Oasis Foundation, shared the challenges of implementing this integration, some key features designed for security and privacy, and ideas for future adoption. Kos says SYNTHR’s initiative to uncover syROSE is exciting. It also notes that it launches a new chapter of seamless access to all of Web3 for the global Oasis community. Focusing on improving user privacy is a key driver with industry-leading privacy tools at the base layer. In this context, Kos makes the following statement:
We have developed tools like the Oasis Privacy Layer framework for founders who are already running dApps on other networks. This was done so that builders can add smart privacy to existing dApps running on any EVM network.
On a broader development trajectory, partnerships with organizations such as Transak, Oraichain and Ocean Predictor exemplify the collaborative steps powering Oasis’ expansion. These key collaborations aim to drive Web3 adoption through the Oasis Ecosystem. “From easy Web3 onboarding and sophisticated upgrades to omni-chain asset swaps and price exposure to Oasis privacy frameworks offered across Cosmos, Ocean, and other ecosystems, the future of Oasis integration into Web3 is extremely bright,” Kos said. says.
ROSE price prediction: How will the altcoin price react?
Daily time frame analysis shows that ROSE price broke out of a descending resistance trend line on September 19. However, ROSE could not sustain its increase and failed to break out of the $0.043 resistance area. Rather, it deviated above it twice (red circles) and has now fallen below it. Such deviations indicate that buyers are unable to sustain the increase and sellers are taking over. That’s why they are considered signs of decline.
Additionally, the daily RSI for the altcoin supports a continuation of the decline. The indicator is below 50 and falling. Hence, both are signs of a bearish trend. If the decline continues, the nearest support will be at $0.038. A horizontal support area and the aforementioned decreasing resistance trendline form support.
ROSE Daily Chart. Source: TradingViewFollow us on Twitter, Facebook and Instagram and join our Telegram and YouTube channels to be instantly informed about the latest developments!
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