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The on-chain analytics firm, Lookonchain, revealed in a tweet earlier today that the Mask Network Foundation transferred around 3 million MASK, worth more than $11 million, out of the foundation’s wallets over the past few hours.
Mask Network Foundation transferred 3M $MASK ($11.25M) out today.
— Lookonchain (@lookonchain) June 23, 2023
Among them, 2.5M $MASK ($9.4M) was transferred to #Binance and #OKX.
And 500K $MASK was transferred out 1 hour ago, which may be transferred to #OKX later.https://t.co/mBI4PbZaLa pic.twitter.com/BXQNceMuxs
2.5 million MASK, worth more than $9 million, was transferred to both Binance and OKX earlier today. Meanwhile, the remaining 500K that was transferred has not reached an exchange platform yet, noted Lookonchain. This may be an early indication of a MASK selloff to come in the next 24-48 hours.
On the other hand, the transfer of MASK tokens by the Mask Network Foundation could be aimed at supporting market-making activities, fostering adequate trading volume, and attracting more traders to the project. Over the past day, CoinMarketCap reported a price decrease of over 5% for MASK, bringing its price down to $3.74 at press time.
Consequently, MASK was trading near its daily low of $3.72. However, despite this descent, the altcoin still managed to maintain a positive weekly performance with a rise of 7.82%. Meanwhile, MASK’s 24-hour trading volume experienced a 30% increase, reaching approximately $119 million.
MASK’s price was able to break above the key resistance level at $3.838 over the past 3 days but dropped back below the key price point yesterday and closed the day’s trading session off at $3.752. As a result, the altcoin’s price was also resting on the 9-day EMA line at press time.
Should it drop below the technical indicator within the next 48 hours then it may drop to the next support level at $3.248 in the following days. On the other hand, if MASK’s price is able to reclaim a position back above the aforementioned $3.838 level, then it will most likely make a move towards $4.302 within the 48 hours thereafter.
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