Mask network Token Experiences Dramatic Price Fluctuations
Mask Network (MASK) recently hit its highest price since December, reaching $3.6766. However, this surge was short-lived, as the token’s value quickly plummeted back to around $2.
On-chain data reveals a spike in whale transactions, with Santiment reporting 26 transactions, the highest since May 28. These whales are selling their MASK tokens, causing the supply held by them to drop to 28.26 million, a record low.
Further analysis shows a downward trend in the Mean Dollar Invested Age (MDIA). The 180-day MDIA fell from 50 to 29.6, while the 365-day figure dropped from 70 to 38. A decreasing MDIA is often a bearish indicator for cryptocurrencies.
Another bearish sign is the negative funding rate, indicating more traders are shorting the asset. this means they are paying bullish traders a small fee.
Technically, the MASK price chart shows a sharp rise to $3.7020, followed by a harsh reversal to $2.3300. It fell below the key support at $2.50. The Relative Strength Index also moved downward, from 80 to 54.
Given these factors, the token may continue to fall, possibly dropping below $2 and the 50-day and 200-day moving averages. If sustained selling continues, it could reach as low as $0.9475, the April low.
