MASK token price 25% down in a week – more loss ahead?

YEREVAN (CoinChapter.com) – Mask Network’s same-name token price lost 13% of its value in the previous 24 hours, bringing the weekly decline to 25%. As a result, the MASK/USD exchange rate dropped to $4, arriving at a crucial resistance/support line. Additionally, the MASK coin could lose more in the upcoming sessions.

Mask Network on a bearish path

MASK coin kicked the year off with a 165% uptrend and peaked at $5.4 on Feb 4. The digital asset then retested a crucial down-sloping resistance and declined to the mentioned level. Notably, MASK traded above its 200,100,50, and 20-day exponential moving averages, retesting the latter as additional support on Feb 9.

Moreover, there are additional factors that could contribute to the bearish outcome. For one, the Moving average convergence/divergence (MACD) trend-following momentum indicator showed a reversal by printing a cross between the 9 and 26-day moving averages.

Secondly, the trading volumes on the daily chart declined since Jan 31, showing growing disinterest among investors. Should the trend continue, the MASK coin target could stand at $3.57, another former support/resistance line. Moreover, the weekly chart also showed a decline in trading volumes, confirming the prognosis.

Also read: Why Stocks, Bitcoin Rally Could Stall After Powell Remarks.

Bullish factors for Mask coin?

On Feb 8, crypto analyst @teddyCleps posted a bullish outlook for the MASK coin, noting that the digital asset traded “50% higher since breakout” after conquering the downtrend on the weekly chart.

Moreover, he hinted at a major bullish factor for MASK – its prospects of having an important role in the future of web3 and Twitter in particular. “Said it multiple times already, but my gut tells me it will play a key role in the web3 version of Twitter with DOGE and BNB,” said the analyst about MASK coin.

Also read: Crypto Scam Sripped Over $700K Off An Animal Lover.

Teddy also evoked a Nov 22 tweet from another crypto analyst – Miles Deutscher.

CZ invests $500m to help Elon Musk buy Twitter. Then Binance launches a “Bluebird Index” comprising of BNB, DOGE, and MASK. Is CZ hinting at these assets being used for Twitter payments (bluebird)?

said Deutscher at the time, attaching a Binance CEO Changpeng Zhao blog post screen shot.

Also read: Pi Coin price falls to $50 taking Pi Network YTD losses to 80%.

It is not yet clear if MASK will play an important role in Twitter payments. Should that be the case, the Mask Network token could see an uptrend. However, as of Feb 9, the prospects of MASK gaining a confident uptrend is not likely.

CoinChapter reached out to @teddyCleps for further comments, and this article will be updated once we hear back.