The Mask Network (MASK) price is down 6% over the past 24 hours, although at $6.42 it remains up nearly 30% over the past seven days.
The surge capped off a very strong week for the privacy-focused browser extension, which saw its native coin surge 67% as its platform attracted more users.
However, today’s drop suggests that MASK is undergoing an inevitable correction, with trading volumes well below recent peaks.
But with very strong fundamentals and signs of increasing adoption, there is little doubt that MASK will continue to enjoy growth over the medium and long term.
Mask Network Price Prediction As MASK Soars Up To 30% In 7 Days – The Next Big Crypto To Explode?
Based solely on its charts, it looks like MASK is about to drop any time soon.
Its 30-day moving average (red) has risen dramatically from its 200-day average (blue), while its realized price has risen dramatically from both indicators.
This foreshadows an imminent decline, which is playing out today.
On top of this, the coin’s Relative Strength Index (purple) remains elevated, having crossed 70 a week ago.
Again, this suggests that MASK requires a cooling-off period before it can continue to grow again.
This means that it is likely to decline further in the coming days, with its key support level being $6.10, which is where it started its rally on Tuesday.
If it can hold this level, further capitulation will be unlikely, leaving MASK free to resume its climb.
There are several fundamental reasons why the coin is likely to move higher in the next few weeks and months.
Most importantly, Mask Network continues to attract 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 up since late October and early November when Elon Musk’s acquisition of Twitter was confirmed.
This is because the market was expecting more integration between the Mask Network and Twitter, given Kasturi’s long-time advocacy of cryptocurrencies.
This skepticism was reinforced by the fact that Binance added MASK to its Bluebird Index, an index of perpetual contracts for cryptocurrencies (including BNB and DOGE), which the exchange apparently hopes Twitter will follow. Will use for payment at certain points (Note: Binance contributes $500 million to Musk’s bid for the social network,
Although the immediate rally following this news fizzled out within a couple of weeks, MASK has continued to enjoy steady price growth since then.
Recently, Binance included MASK as part of its proof-of-reserve, adding to the legitimacy of the project.
Thus, MASK has been on a steady climb over the past few weeks, aided by the steady growth of the MASK network as a platform.
It has also been on the venture capital end with DWF Labs investing $5 million in the development of its platform in January.
With Binance backing it, it suggests that large investors are betting on the platform becoming a future success.
For this reason, MASK can be expected to rise again once its current decline ends, from its current price of $6.42 to around $10 by the end of the year.
Assuming a return of more bullish market-wide conditions, MASK could rise even higher, with it currently standing at $41.45 (set for February 2021).
