- Mask Network (MASK) price surged 0.97% on the past day and currently trading at $3.43
- Mask Network (MASK) whale holdings data states that whales hold 80.04% of the total supply with a significant decline of 2.2% in the holdings in the past 1 year.
Mask Network (MASK) cryptocurrency launched in 2019, is a protocol that allows its users to send encrypted messages over social media platforms like Twitter and Facebook. It aims to fill the gap and act as a bridge between social media platforms over the internet and a decentralized network.
Mask Network’s price is currently trading at $3.43 with an increment of 0.97% in the past 24 hours. According to coinmarketcap data, Mask Network cryptocurrency holds a total market cap of $281.6 Million and ranks at 108th position in the crypto market. It has received $25.758 Million in volume in the past 24 hours which is 31.15% less than the previous day. Also, It has over 82.1 Million circulating supply which is 82.1% of the total supply. The volume to market cap ratio of MASK coin is 9.13% which indicates low volatility in the market.
Mask Price Prediction Using Price Action Strategy
As per the analysis of the chart in a daily timeframe, Mask Network price is in a correction phase since after March 2023 which started after a bullish rally of almost 130% in March 2023. Since April 2023, the Price is correcting by forming lower highs and lower lows. As observed from the daily chart price is seem to be in both price-wise and time-wise correction. MASK price is also found to be forming a falling wedge pattern.
As per the price action analysis of Mask Network cryptocurrency, the price is found to form a falling wedge and correct itself. Also, it may be observed that the price is losing momentum in the process of correction. It shows that however, the price is declining but it sellers are not confidently pushing the price downwards. which indicates that the correction phase is about to end and a bullish rally may be observed in the market soon.
Also, after the volume analysis, it may be observed that there is a decrement in the volume since the correction phase has started.
Indicator Analysis
As Per the EMA analysis, MASK’s price is trading above 20 EMA which shows short-term active participation of buyers in the market. Also, it is observed that the price is still below the 50-day EMA which indicates that the 50-day EMA may act as a resistance as the price approaches it.
At the time of publishing, the RSI value of Mask Network is 50 and that of the SMA line is 48.41. RSI is headed to the Upside and trading the SMA line which indicates short-term bullish sentiment being built up in the market.
MACD lines have made a bullish crossover and both the lines are trying to break above the mean line. Also, histogram bars have started forming above the mean line with increasing height which confirms the bullish sentiment being built up in the market in the short-term
Conclusion
As per the combined analysis of price action and indicators, Mask Network (MASK) coin has got the interest of buyers and trying to change its trend from bearish to bullish in the short term. Volume Analysis also shows the participation of buyers at every dip and the price is also respecting the previous swing formed. currently, the price is trying to sustain at a crucial level near the trendline resistance. If the Price can break and sustain above the trendline resistance then it will result in a change in trend and the price may surge up to $1.95. Indicators are also showing short-term bullish sentiment in the market.
However, if buyers fail to surge the price then sellers will try to continue with the ongoing trend and the price may decline up to the previous demand zone at $1.31
Technical levels
- The support levels at $1.31 and $0.96
- The resistance levels at $1.61 and $1.95
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
