Is MASK Price prepared for a reversal?

The MASK price has been trading in an overall bull trend. The investors sentiments are bullish on the long term timeframe despite the recent decline observed in price.The MASK price is trading near a crucial support level on the daily timeframe. According to LunarCrush there is a spike in the social engagement rate which means that investors are beginning to take interest in the MASK token.

The present value of MASK token is $3.80 with the market cap of $305.13M

An Increase in Social Engaement rate of MASK Token

The Mask token is seeing a surge in total engagement rate of 56% despite the recent decline in social dominance. This indicates the increasing interest of the investors. The social engagement rate is expected to see a further improvement in the near future though the Social dominance line has taken a downward plunge.

In the previous analysis where the price was, it was estimated that the price can continue its bear rally; reaching its next support level near the 100 EMA. The analysis was given because the price broke its previous support level giving a close below 100 EMA. The prediction was proven current when the price after making a retest took a downturn of 25% within the last 3 weeks.

Technical Analysis ( 1 Day Timeframe )

The RSI line has been trading in a downtrend since last mid march respecting its 14 SMA. It is currently trading near the oversold level around its previous support level. The current RSI value is 33.00 points, facing resistance from the 14 SMA trading around 38.08 points. The RSI line is indicating that the price may take a bullish reversal within the near future.

Stochastic RSI has already taken a reversal from the demand zone.The %K line is crossing above the 20 points with %D right behind it. The current value of stochastic RSI is 19.11 points.

Conclusion

According to analysts, the MASK price is trading near its support level after giving a downturn of more than 40% as was expected in previous analysis.

However, in a long-term perspective, It is moving above all the major key averages 20,50,100,200 EMA in a bull trend. The recent support zone for MASK is around $4.000 whereas its critical resistance is near the price of $6.000. The major support level for the Mask token is near the $3.600 price.

Technical levels –

Support –$3.600 and $3.000

Resistance – $6.000 and $5.000

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 assets comes with a risk of financial loss.