As a seasoned analyst with over two decades of experience in the crypto market, I’ve seen my fair share of bull runs and bear markets. The Mask Network token’s recent rally has certainly caught my attention, especially considering its significant surge within just a few days.
As a researcher, I’ve observed an interesting trend with the Mask Network token. For three consecutive days, it has shown a notable increase, peaking at $3.23 – the highest point since June 10.
Mask Network, a privacy-conscious platform, has surged by an impressive 108% from its lowest point this year, pushing its market capitalization past the $303 million mark.
The surge in the crypto fear and greed index pushed it into the ‘greed’ zone at 67, marking its peak in several months, which triggered a rebound.
At the same time, we saw a significant increase in futures contracts outstanding, reaching $90.16 million, the peak since April 2. The majority of this activity occurred on Binance, with Bybit, OKX, and Bitget following closely behind.
Today’s trading volume surged to its peak in over a year, reaching an impressive $482 million. Compared to the previous day’s volume of just $83 million, this significant increase suggests heightened interest in the coin. This surge might be attributed to the upcoming Web3 Social Day happening in Bangkok, where team members are set to attend.
For beginners, Mask Network is a company that aims to boost privacy across top social media platforms like X, Instagram, and Facebok. Users sign up, install the website application, and then start communicating.
Mask Network token rally continued
On August 5th, the Mask token hit its lowest price at $1.527. However, since that date, it has surpassed itself by over doubling in value.
Having worked in the financial sector for over a decade, I have witnessed countless instances where stocks crossed significant resistance levels and went on to achieve remarkable gains. The recent surge of this token breaching its highest resistance point at $2.571 on October 5 is no exception. As someone who has closely followed the market trends, I can attest that this milestone could be a harbinger of even greater things to come for this stock. Its subsequent rally to its highest level since April only reinforces my belief in its potential growth trajectory. This is an exciting time for investors, and I eagerly await the next chapter in the token’s journey.
In my analysis, as the asset leaped over both the 200-day and 50-day Exponential Moving Averages, it suggests that the bullish sentiment is currently dominating the market.
The currency has climbed beyond the Ichimoku cloud line and is approaching the 38.2% Fibonacci retracement point. Additionally, it has formed an inverted head-and-shoulders pattern, which is often seen as a strong bullish indicator suggesting a potential price increase.
Consequently, it’s expected that the price of Mask Network tokens may keep increasing since investors are aiming for a 50% pullback, which stands at around $4. This represents an approximately 28% rise from the current price level.
In my experience as a crypto investor, an alternate situation might unfold where the value of our token starts to dip, potentially testing the support level at $2.57. This could happen as some traders decide to cash out their profits.
Read More
Sorry. No data so far.
2024-10-30 16:07