MASK Stayed In Range; Will It Hold $3?

MASK Network (MASK) price reveals a range-bound move and shows consolidation in the past sessions. Furthermore, the price action signifies seller control on the token and persists in forcing the bulls amidst the neutrality. Recently, the token succeeded in escaping the region. Yet, instead of follow-on buying, a selloff was noted. 

MASK token stayed below the key moving averages and is hovering near the lower neckline of the range around $3. If the token handles the gains and sustains above it, that will be a neutral sign, whereas if it slips below it, the token may drag to $2.40 soon. The token is delivering the rejection candles near the range top of $4 and failed in breaking out the region.

This cryptocurrency’s price was $3.23 at press time, with an intraday drop of 0.58% showing range-bound moves. Moreover, the trading volume increased by 26.12% to $86.36 Million, highlighting indecisiveness between the bulls and bears. The pair of MASK/BTC was noted at 0.0000816 BTC, while the market cap is $221.40 Million. Analysts are neutral and suggest that the MASK token may persist in hovering around $3 for the upcoming sessions.

MASK On Daily Charts Reflects Range Bound Moves

On the daily charts, MASK price has persisted in hovering near the range lows of $3 and is replicating indecisiveness between the bulls and bears. Moreover, the price action signified the rejection wick candlestick and uncertainty was witnessed. The technicals are suggesting fake movements despite the range-bound price formation.

The relative strength index (RSI) curve stayed close to the midline, signaling neutrality on the charts. Moreover, the MACD indicator shows a convergence of the MACD line with the signal line revealing no clear sign amidst the consolidation.

MASK On Weekly Charts Exhibit Symmetrical Triangle Formation

On the weekly charts, MASK price is hovering near the 20-day EMA and is demonstrating a symmetrical triangle formation. Moreover, the token price is near the lower trendline and buyers are trying for a pullback to prevent any rash selloff.

Per the Fib levels, the token is on the verge of the 38.2% zone and is signifying neutrality.

Summary

Mask Network (MASK) price delivers range-bound moves and has stayed in a cage for the past sessions. However, the token slips below the 200-day EMA, which is a negative sign for the upcoming sessions. If the token holds $3, bulls may attain a pullback to retest the 20-day EMA mark near $3.50.

Technical Levels

Support Levels:  $3 and $2.70

Resistance Levels: $3.50 and $4

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.

Steefan George is a crypto and blockchain enthusiast, with a remarkable grasp on market and technology. Having a graduate degree in computer science and an MBA in BFSI, he is an excellent technology writer at The Coin Republic. He is passionate about getting a billion of the human population onto Web3. His principle is to write like “explaining to a 6-year old”, so that a layman can learn the potential of, and get benefitted from this revolutionary technology.