- Mask Network Price jumped 14% in a single day and defended $4.00 support.
- The MASK token price holds a 200 day EMA and struggles at a 50 day EMA.
- MASK Price shows initial signs of bullish trend reversal.
Mask Network Price jumped 14% on a single day and formed a bullish reversal pattern. It took support near $3.500 and showed minor recovery from the lower levels. The buying volume also increases indicates some genuine buyers are showing interest in the Mask token.
The reliability of the up-move will be visible when prices sustain above both the EMAs. Mask Token Price holds the 200 day EMA shows positional trend is in the upward direction. However, the buyers are also trying to break the 50 day EMA which might boost the confidence of investors.
Mask Token Price is trading at $4.595 with an intraday decline of -3.12%. The 24 hour volume to market cap ratio is 0.8403. At the mid of March, MASK Price gained momentum and breakout of the $5.00 hurdle.
It triggered the positive sentiment and prices rallied 40% approx in the short period of time. The rally halted at $7.00 and formed a shooting star candle. At the beginning of April, MASK Network witnessed profit booking and prices began to decline.
It drops below the 50 day EMA and $5.00 support which hurted the sentiment of investors and invited further decline. It formed lower low swings and eroded the majority portion of the previous gains.
Will MASK Network Price test $7.00 in this rally?
The downfall in Mask Network took a halt near $3.500 and buyers are trying to recover the losses. It shows the signs of bullish trend reversal but the confirmation is still awaited. If buyers succeed to push the price above the $5.00, we may see more upward momentum in the coming months.
However, if the price faces rejection from $5.00 then price might enter consolidation in the range between $3.500 to $5.00. On the other hand if price drops below the $3.000, bear may try to drag it further down to yearly lows.
The technical analysis suggests, MASK Price is bulls grip and created a strong base near $3.000. If the buyer sustains the price above $5.00 the probability of reaching $7.00 will substantially increase.
MASK Price correlation with market leaders is low
MASK Price rose 25% approx in the current week and formed a bullish engulfing candle. The overall market sentiment is mild bearish which might negatively impact the prices of MASK. However, the correlation of Mask Network with Bitcoin and Ethereum is low. Therefore, MASK can independently perform if genuine investors invest in it.
The technical indicators like MACD have generated a fresh positive crossover and the curve is rising upward. It indicates bullish momentum might continue and buyers returning back to track. The RSI at 57 denotes strength of bulls and more upside is open.
Conclusion
Mask Network Price jumped 14% in a single day and is trying to sustain above the 50 day EMA. It showed signs of bullish trend reversal but the confirmation is still awaited. The technical analysis suggests, If buyers succeed to break the $5.00 hurdle then probability of reaching $7.00 will increase.
Technical levels
Resistance levels : $6.000 and $7.000
Support levels : $3.500 and $2.600
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.