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The MASK coin price pumped high over the last week, reclaiming multiple levels as the demand resurfaces. Currently, the overwhelming surge seems like a trap for FOMO traders, but the recovering rally in altcoins increases the possibility of a prolonged uptrend. So, should you consider joining the bullish rally as the volatility increases?
Key points:
- The MASK price gave a massive breakout from the $5 resistance.
- The investors may witness a potential correction to stabilize the bullish rally
- The intraday trading volume in the MASK coin is $1.4 Billion, indicating a 14.5% gain.
Source- Tradingview
While most cryptocurrencies continue to bleed, the MASK coin price showed astonishing growth within the last two weeks. Furthermore, this altcoin gained more spotlight when the largest crypto exchange Binance launched the Bluebird Index that tracks the performance of Binance Coin (BNB), Dogecoin (DOGE), and Mask Network (MASK). As a result, the coin price jumped from $1 to a high of $5.83, registering 486% growth.
By the press, the MASK price trades at the $5.5 mark and has breached the $5 psychological resistance. This breakout provides another suitable footing for buyers to prolong the ongoing rally.
Thus, with sustained buying, the altcoin could reach the next supply zone of $6.3.
However, without any fresh news favoring the MASK coin, the prices are less likely to rise any further. This is because the altcoin has already witnessed a remarkable recovery in a short span which is considered unhealthy.
Thus, the MASK price should witness a significant correction in the near future, which could retest the $3.66 mark.
Technical Indicator
Relative Strength Index: the daily-RSI spikes into the overbought zone in response to the remarkable price jump. Thus, a short-term contraction to sustain the uptrend is possible.
EMAs: the sudden price jump crosses the 200-day EMA, resulting in a bullish crossover between the 50 and 100-day EMA.
MASK Price Intraday Levels
- Spot rate: $5.4
- Trend: Bullish
- Volatility: Low
- Resistance levels- $6.3 and $7.5
- Support levels- $5.5 and $3.6
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