The cryptocurrency MASK token has had a roller coaster ride in its market trend. Price has seen a notable decline over the previous three weeks, however its trading momentum of late suggests that a reversal may be on the horizon. Investors have grown bullish on the token thanks in part to its increasing social engagement rate as gauged by metrics platform LunarCrush. At present, its market capitalization stands at $305.13 million with a value of $3.80.
Analysis of the MASK price on the daily timeframe shows that its RSI line is currently near the oversold level and could be looking to rebound soon. The stochastic RSI has also experienced a reversal from the demand zone and is now trading at 19.11. This signals encouraging signs in the price trend.
Looking ahead, traders will be watching two main levels to determine MASK's movement. On the downside, the key support lies at $3.600, while the major resistance appears near the $6.000 mark. In the long-term, the token continues its bullish trajectory, while still remaining above all the major averages (20,50, 100, and 200 EMA).
It is important to note that investing in and trading cryptocurrency assets carries a significant risk of financial loss. Therefore, investors are advised to exercise extreme caution and be mindful of their risk appetites when entering the market.
Connor Jimenez
- 2023-05-11
MASK Token Market Trend Analysis
MASK token has had a rocky market trend in the past three weeks. However, its increasing social engagement rate leads to growing bullish sentiment. Here's an analysis of the token's current market movements and what investors should be mindful of.
