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What is Mask Network Crypto and why is the MASK Price Exploding?

Mask Network Crypto
Mask Network Crypto

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The value of MASK, the native crypto of the MASK network, is going through the roof. It has increased by more than 54% since yesterday, at the time that this piece was being written, and it continues to gather momentum each and every minute.

The recent increase in the price of MASK can be ascribed to the fact that Mask Network is tied in some way to Elon Musk successfully closing the agreement to acquire Twitter. There is also the possibility that Bybit will eventually include the token on the spot trading list it maintains.

More on Mask Network 

A technology known as Mask Network enables users to communicate securely through social media platforms such as Twitter and Facebook. It provides a connection between the internet and the decentralized network in the manner of a bridge.

The protocol was released to the public in July 2019, and its initial use case was to make it possible for users of Facebook and Twitter to exchange encrypted messages with one another. To further develop its ecosystem, it subsequently participated in a financing round while November 2020 and raised a total of $2 million, followed by another financing round in February 2021 that brought in $3 million.

At the moment, in addition to enabling users to transmit encrypted messages on Facebook and Twitter, Mask Network also enables users to directly run Gitcoin grant campaigns from within Twitter. In addition to that, it intends to provide services for peer-to-peer payments and decentralized storage.

Price of Mask Network Increases, but Can’t Break Through Barriers

The price of Mask Network started to increase on October 26, and it hit its all-time high of $3.03 just three days later. Over the course of three days, this equated to a rise of around 200%.

Mask Network Price

At that time, there wasn’t any encouraging crypto news that may have served as a precursor to the price increase. Despite this, the price of MASK started moving back up on November 2, which led to it reaching a new all-time high of $4.48.

The price of Mask Network was unable to break through from the $3.65 resistance region and instead developed a lengthy upper wick (red symbol). This occurred despite the price moving in an upward direction.

When examining the price chart of Mask Network on CoinMarketCap, you will see that the RSI has not yet shown any symptoms of weakening. In spite of the fact that it is overbought, there has not been any negative divergence formed. 

This indicates that the MASK cost will finally be able to go successfully above the $3.65 region at some point in the future. In that case, the price of Mask Network would encounter its next significant barrier at $6.40.

A Temporary Fall That Will Be Followed by an Increase

Since reaching a low in October, the movement has exhibited characteristics of a five-wave rising rise. The price of MASK is currently in the fifth and last wave of it, and when this wave completes, a retracement is anticipated. 

When you look at the price chart on CoinMarketCap, you will see that the Relative Strength Index (RSI) as well as the candlestick movements is displaying indicators that are negative. 

The Relative Strength Index (RSI) has produced a bearish split, and there are multiple extended upper wicks in place throughout the course of the last twenty-four hours.

There is a possibility that the price would retrace toward the 0.5-0.618 Fibonacci retracement levels. This support region may be found between $2.31 and $2.72.

If, on the other hand, the daily candlestick were to close at a level that was higher than $3.65, this would imply that the price of Mask Network would not have a correction in the near term but rather continue its ascent toward a resistance level of $6.40.

Should You Put Your Money Into MASK Right Now? 

If you are interested in purchasing a cryptocurrency that is presently exhibiting bullish trends, MASK may be an excellent option for you to consider. 

However, you ought to be mindful of the fact that the market for even the best cryptocurrencies is quite volatile. This is especially true at the moment due to a number of external forces at play that might disrupt the cryptocurrency market.

Which Platforms Can You Buy MASK From?

Following are the 2 platforms where you can buy MASK from:

KuCoin

KuCoin is a renowned cryptocurrency exchange that provides access to more than 200 different digital assets. KuCoin offers a diverse selection of services, including spot and margin trading, a built-in peer-to-peer exchange, and a large variety of payment methods that are accepted and security on par with that of a bank. Users get access to benefits such as an easy-to-use interface and costs that are more affordable than average.

Binance

Binance is a major participant in the cryptocurrency market as well as one of the largest trading platforms. Since it provides access to more than 600 different cryptocurrencies, it is best suited for investors with a greater level of expertise. Apart from this, the interface is very user friendly for investors of all levels. Binance is well-known for offering minimal trading costs as well as a multitude of trading alternatives that its customers may take advantage of. Some of these possibilities include peer-to-peer trading, trading on margin, and spot trading.

Where Is The Price of Mask Network Headed?

As a result of the enthusiasm that has been generated in the financial markets as a direct result of Elon Musk’s purchase of Twitter, it is anticipated that the price of the MASK coin will continue to increase for at least the next several days and weeks.

Investors are of the opinion that if the currency keeps moving in the same direction as it has been, it will not have any trouble breaking past the $10 barrier by the end of this month.

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