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- 1 Mask price currently trades at $4.774 while increasing by +2.38 during the intraday session.
- 2 Mask price trades above 20,50,100, and 200-day EMAs.
- 3 The year-to-date return of masks is 131.27%.
The upsurge in Bitcoin has turned altcoins such as Mask bullish. Bitcoin surged roughly 4.55% yesterday, which has changed the course of the crypto industry. Mask price is currently stuck in a consolidating zone ranging between $3.63 and $4.60, and the current candle is looking for a breakout.
The bullish rally for Mask price began on day 1 of 2023. Mask prices started to rise from the low of $2.02, and gained enough bullish momentum to cause a rise of approximately 259% in three months. The annual high was formed at $7.27, which was heavily rejected by the price. Bears did not want the price to stay above $7 as it might not be justifiable. Rejection triggered a drop in the price to the $3.63 level.
Recently, the Mask price formed a minor support at $3.90 and started to rise toward the immediate resistance level of $4.76. The current candle has wrecked the resistance, but traders should wait for the candle to close before looking for bids.
If the price can close above the resistance, there is a possibility for the price to head toward the $5.90 level. On the other hand, if the current move turns out to be fake, the cryptocurrency price might fall straight to the $3.90 support level. On the condition that Bitcoin rallies to the $28,000 price level, there is a higher probability for the Mask price to reach $5.90.
Mask Network Partners With The Open Network (TON)
Recent news regarding Mask network investing, The Open Network (TON), also fueled the bullish rally. The investment was made to develop their ecosystem further and provide innovative solutions for people across networks.
Will Mask Price Retest Annual Highs?
Mask price trades above all the major EMAs, indicating bullish momentum in the price. RSI trades at 60.37, suggesting increased participation of buyers and bullish strength in the market. The Chaikin money flow score is 0.10 indicating strength in the market. Mask price has arrived at the upper band of Bollinger and might stay there if bullish momentum prevails.
The long/short ratio is 0.98, with 49.72% longs and 50.28% shorts in the last 24 hours, indicating the increased position of sellers, which might result in Mask price returning into the consolidation zone.
Conclusion
The market structure and price action for Mask price are currently bullish. The cryptocurrency price has shattered the resistance level of $7.60, but traders should wait for the current candle to close before looking for bids, as the breakout might turn into a fake out if Bitcoin starts to fall. The technical parameters favor the buy side.
Technical levels
Major support: $3.63 and $2.79
Major resistance: $5.90 and $6.80
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
