cryptonews.com
The price of Mask Network (MASK) has dropped by 6% in the past 24 hours, although at $6.42 it remains up by nearly 30% in the last seven days.
This jump marks a very strong week for the privacy-focused browser extension, which has also seen its native token surge by 67% as its platform attracts more users.
However, today's dip suggests that MASK is undergoing an inevitable correction, with trading volume down significantly from recent peaks.
But with very strong fundamentals and signs of growing adoption, there's little doubt that MASK will continue enjoying rises in the medium- and long-term.
Mask Network Price Prediction as MASK Blasts Up 30% in 7 Days – Next Big Crypto to Explode?
Based solely on its chart, it would seem that MASK is due for a fall anytime soon.
Its 30-day moving average (red) has risen dramatically beyond its 200-day average (blue), while its actual price has risen dramatically above both indicators.
This portends an imminent fall, which seems to be playing out today.
On top of this, the coin's relative strength index (purple) remains elevated, having passed 70 a week ago.
Again, this suggests that MASK needs a cooling off period before it can continue rising again.
This means it's likely to fall a little futher in the coming days, with its key support level being $6.10, which is from where its rally on Tueday began.
If it can hold this level then further capitulation won't be likely, leaving MASK free to resume its ascent.
There are plenty of fundamental reasons why the coin is likely to witness further gains in the next few weeks and months.
Most importantly, the Mask Network continues attracting new users to its web-browser extension, which adds a range of crypto- and privacy-related functionality to legacy Web2 social networks and sites.
MASK has been on the up ever since the end of October and early November, when Elon Musk's takeover bid of Twitter was confirmed.
The reason for this is that the market began to expect that there would be greater integration between the Mask Network and Twitter, given Musk's long-standing advocacy of cryptocurrencies.
This suspicion was reinforced by the fact that Binance added MASK to its Bluebird Index, which is an index of perpetual contracts for cryptocurrencies (also including BNB and DOGE) that the exchange apparently expects Twitter to use for payments at some point (note: Binance contributed $500 million to Musk's bid for the social network).
While the immediate rally following this news died down in a couple of weeks, MASK has continued to enjoy steady price rises since.
More recently, Binance also began accumulating MASK as part of its reserves, providing an indication that it believes the altcoin is a reliable store of value.
As such, MASK has been on a steady climb in the past few weeks, helped by the Mask Network's steady growth as a platform.
It has also been on the receiving end of venture capital, with DWF Labs investing $5 million in the development of its platform in January.