- MASK crypto has experienced a strong, bullish presence from the $2.78 demand zone.
- Moving averages are showing strong bearish signals, while oscillators reflect neutrality.
- The volume-to-market capitalization ratio (VMR) increased to 11.44% in the last 24-hour sessions.
Launched in July 2019, Mask Network (MASK) is a protocol that allows users to encrypt posts on social media platforms. The protocol basically acts as a bridge between the Internet and a decentralized network. Mask Network offers services such as DApps payments, decentralized finance, and e-commerce NFTs without migrating to a decentralized Applet (DApplet) ecosystem.
MASK Crypto Supply, Valuation, Distribution Apr 2024
The cryptocurrency has a locked maximum supply of 100 million tokens, making digital assets a committable project to prevent inflation. It has released over 96 million tokens in current circulation, covering 96.03% of the maximum supply. The current market capitalization of Mask Network stands at $327.89 million.
MASK is listed in the top 200 cryptocurrencies, with a dominant ranking at 192nd in the global cryptocurrency market. The total diluted valuation of the protocol is estimated at around $342.02 Million. The 24-hour trading volume has reached $36.87 million while having a decline of 30.72%, ranking 158th among 9,843 active cryptocurrencies.
The MASK tokens are widely distributed in six categories: 22% are allocated to private sales, 1% to the community, foundations 41%, public sales 7%, team 23%, and 6% allocated to seed sales. The holding of crypto whales of 80% reflects many things about this crypto. This shows the investors’ perception of the crypto project.
Price to Volume and Social Dominance Analysis
A noticeable change can be observed in the MASK crypto price after mid-Jan 2024. The social buzz had a random hike, which covered over 1.24% dominance across social media platforms. That reflected a positive change in the crypto price. The price has shown a constant rise till March 2024. At present, the social dominance is covering a 0.17% hike across the crypto world.
Technical Analysis of the Mask Network (MASK/USD)
The current price slipped below the key exponential moving averages, indicating bearish sentiments in terms of market technicals. The 50-day and the 200-day EMAs can act as dynamic resistance levels.
MASK price faced strong resistance from the $6.52 level. The price fell on the $2.78 key demand level while breaking below the $3.95 support level. However, the price experienced strong bullish reactions from that demand level. The current price is moving upward and can retest the $3.95 support level. If the price closes above the $4.35 resistance level, it can surge up to $5.36.
The relative strength index (RSI) is showing bullish momentum from the 30-mark oversold area. The RSI and the signal lines had a golden crossover, indicating a shift in strength.
Summary
Starting from October 2023, the MASK crypto price reflected a nice bullish trend till March 2024. The six-month returns have left only 13.23% positive profitability. The technical indicators summary suggested a bearish signal in the current phase. The price is moving upward at press time and can retest the $3.95 support level. If the price closes above the $4.35 resistance level, it can surge up to $5.36.
Technical levels
- Resistance Levels: $4.35 and $6.52
- Support Levels: $2.78 and $2.32
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 any other advice. Investing in or trading crypto or stock comes with a risk of financial loss.