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- The MASK price is currently trading at $4.516 while seeing a significant change of 63% in 24-hour trading volume.
- The MASK price has been observing a decrease of 3.45% in the last 24 hours.
The price of MASK is taking a bearish turn after making its recent high near $7.000. Since breaking the consolidation channel near 1.000 the MASK price started trading at an extremely bullish trend where it gained more than 5X of its value back. The price has been constantly respecting its trendline for the past 7 months. Despite the bullish sentiments in the overall market, the price has been trading on a bearish trend for the past few weeks.
At present, the MASK price is trading within the bear’s control. According to the estimation the price has attained half of its target falling down 24% and in the near future, it can see a downturn of 20% more. The technical indicators are at present trading in support of the bears. Oscillators are trading near the oversold zone. They can take a bullish reversal in the near future.
MASK price trading in a bear trend on the (Daily Timeframe)
In the previous analysis where the price was trading near its current support zone of $5.200, it was estimated that even with the support provided by its previous resistance zone MASK price can take a downfall because as is observed in the previous pattern behavior the price has been coming back for a retest through the trendline.
Technical Analysis ( 1 Day Timeframe )
The RSI line is currently taking severe resistance from the 14 SMA on the daily timeframe. The price of MASK is moving in tandem with the RSI line. The current RSI value is 38.95 points which is facing resistance from the 14 SMA trading around 41.57 points. The RSI line is indicating that the price may continue its downturn.
The %K line is giving a negative intersection to the %D line near 17.19 points. The current value of stochastic RSI is 22.59 points.
Conclusion
According to analysts, the MASK price is taking a severe bearish turn within a few weeks the price may continue the downtrend attaining a downfall of 40%. Though in a long-term perspective, It is moving above the 20,50,100,200 EMA in a bullish trend. The recent support zone for MASK is around $4.000 and its major resistance is near $6.000. The major support level for the Mask token is near the $3.600 price.
Technical levels –
Support –$3.600 and $4.000
Resistance – $6.000
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.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
