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Why Mask Network Price Jumped 50% As Crypto Market Bled

2 mins
Updated by Ali M.
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In Brief

  • Binance launched the Bluebird Index on Nov. 2.
  • As a result, the MASK price pumped by roughly 70%
  • There is resistance at $3.75 for Mask Network price.
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Mask Network (MASK) price initiated a very sharp upward movement on Nov. 2 due to positive Binance news. Still, it has yet to clear its primary resistance at $3.65.

The world’s largest crypto exchange Binance announced that it would launch the Bluebird Index perpetual contracts with up to 25x leverage. The index will comprise Binance Coin (BNB), Dogecoin (DOGE), and Mask Network (MASK). It will be weighted based on volume and market cap and rebalanced each Thursday.

Currently, the weights are as follows: 

  • BNB – 51.8%
  • DOGE – 41.9%
  • MASK – 6.3%

While there hasn’t been a noticeable effect on the BNB price or DOGE price, the Mask Network price pumped nearly 70% right after the announcement. The sudden upswing took MASK price to a high of $4.48.

The recent pump was especially notable because the rest of the crypto market has been gradually bleeding. This possibly occurred as a result of the mixed performance of the Asia-Pacific stocks ahead of the FOMC meeting.

Mask Network Price Pumps But Fails to Clear Resistance

Mask Network price began going up on Oct. 26 and reached a high of $3.03 three days later. This amounted to an increase of nearly 200% in three days.

At the time, there was no positive crypto news that could precede the upward movement. Still, the MASK price began going up again on Nov. 2, leading to a higher high of $4.48.

Despite the upward trend, Mask Network price failed to break out from the $3.65 resistance area and created a long upper wick (red icon) instead. 

The daily RSI does not show any signs of weakness yet. Regardless of being overbought, it has not generated any bearish divergence. This suggests that the MASK price will eventually be successful in moving above the $3.65 area. 

If it does, the next resistance for Mask Network price would be at $6.40. 

 
MASK Price movement. Binance News
MASK/USDT Chart By TradingView

Short-Term Decrease Followed by Rally

The movement since the Oct. lows resembles a five-wave upward movement. In it, the MASK price is in the fifth and final wave, after which a retracement is expected.

Additionally, both the RSI and candlestick movements are showing bearish signs. The RSI has generated bearish divergence (green line), and there are several long upper wicks in place over the past 24 hours (red icons). 

A retracement towards the 0.5-0.618 Fib retracement levels could occur. This support area is at $2.31-$2.72.

Alternatively, a daily close above the $3.65 area would indicate that the upward movement will continue toward the $6.40 resistance instead of a short-term correction for Mask Network price.

Mask Network Price
MASK/USDT Chart By TradingView

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Valdrin Tahiri
Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona School of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst. (I do not have a discord and will not contact you first there. Beware of scammers)
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