crypto.news
The Mask Network token rose for three consecutive days, reaching a high of $3.23, its highest level since June 10.
Mask Network (MASK), a privacy-focused platform, has risen by 108% from its lowest level this year, bringing its market cap to over $303 million.
The rebound happened as the crypto fear and greed index rose to the greed zone of 67, its highest level in months.
It also coincided with a spike in the futures open interest, which jumped to $90.16 million, its highest level since April 2. Most of this volume was in Binance followed by Bybit, OKX, and Bitget.
Its intraday volume also jumped to the highest level in over a year. It had a volume of $482 million, up from $83 million a day earlier, pointing to more demand for the coin. This rally was likely because of the upcoming Web3 Social Day in Bangkok where members of the team will participate.
For beginners, Mask Network is a company that aims to boost privacy across top social media platforms like X, Instagram, and Facebok. Users sign up, install the website application, and then start communicating.
Mask Network token rally continued
The Mask token bottomed at $1.527, its lowest point on Au. 5, and has more than doubled since then.
This week, the token crossed the important resistance point at $2.571, its highest point on Oct. 5. It then rallied to its highest level since April.
As it jumped, it has moved above the 200-day and 50-day Exponential Moving Averages, meaning that bulls are in control.
The coin has also risen above the Ichimoku cloud indicator and is nearing the 38.2% Fibonacci Retracement level. It also formed an inverse head and shoulders pattern, a popular bullish reversal sign.
Therefore, Mask Network token will likely continue rising as buyers target the 50% retracement point at $4, which is 28% above the current level.
The alternative scenario is where the token gives up these gains and retests the support at $2.57 as some traders start to take profits.