MASK Witnesses Rejection in Price at Higher Levels, What’s Next?

• The derivative trading volume of the MASK crypto has witnessed a decline in the last 24 hours.
• The MASK trading price has declined by more than 11% in the last seven days.

Mask Network is a dApp that bridges Web 2.0 and Web 3.0. It allows users to access DeFi, file sharing, messaging, and NFTs on social media platforms. The MASK token is used for governance, staking, fees, and liquidity. Mask Network aims to empower users with blockchain interactions.

The market cap of the MASK crypto has declined by 2.04% in the last 24 hours. Moreover, the trading volume of the crypto has also declined by 13.9% resulting in $112.82M. 

The current market cap ranking of Mask Network as per CoinMarketCap is 154th and the volume/market cap ranking of the crypto is 0.3773. Also, the market cap dominance of the crypto is 0.017%. 

Mask Network is built on the Ethereum platform and supports the ERC 20 token standard. It was launched on 19th February 2021. Moreover, as per the blockchain data, the TVL of the crypto is $412.59K.

Mask Network Token Overview

The fully diluted market cap of Mask Network is $343.0M and the max total supply of the crypto is 100.0 Million MASK. Further, there are a total of 12.9K holders of the token and a total of 372.106K transfers. The current circulating supply of the MASK is $282.043M in total value.

Technical Analysis of MASK Crypto

The MASK crypto is trying to advance to higher levels by forming a higher high swing pattern on the charts. Despite this, the token has witnessed a decline of 65% in its price from the high of $7.26. 

Despite this decline in the trading price, the crypto price is again trying to rebound to the higher level. If the crypto price breaks above the level of $4.9, we might get to see higher level in future.

MASK/USD Chart by TradingView

The 50-day and the 200-day EMAs have formed a fresh golden cross on the charts. The price of the crypto is currently taking support at the 200-day EMA. If it further breaks above the previous swing high, the price might continue to advance to a higher level.

The RSI on the other hand is indicating weakness on the charts as the RSI has declined below the 50-level. It further has declined below the 14-day SMA, indicating a declining momentum. 

Conclusion

Mask Network is a dApp that enables blockchain interactions on social media. The MASK token has declined in price and volume but shows signs of recovery. The technical analysis suggests a bullish trend if the price breaks above the level of $4.9. Despite that, the RSI indicates a weak momentum.

Technical Levels 

• Support levels- $1.00 and $2.30
• Resistance levels- $4.90 and $7.20

Disclaimer

The views and opinions stated by the author or any other person named in this article, are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto or stocks comes with a risk of financial loss.