The Mask Network’s native token, MASK, continues to maintain a bullish trend and recently posted strong gains. As of writing on March 18, the token is changing hands at $6.19 according to data from CoinMarketCap, a coin tracker.
MASK Price Action
MASK is in green, reading performance on the daily chart. the token pink from around $4.44 to $6.41 in the last 24 hours, rising more than 40%.
Mask 7-Day Price Action | Fountain: CoinMarketCap
Meanwhile, the token turned from bearish to bullish in the last week of trading. As of March 12, MASK was trading at $2.8, but reversed losses and spiked spot rates. The turnaround saw MASK surge 114% in the week to date, bringing its market capitalization to over $459 million, placing it at 89th on the leaderboard.
Based on performance on the daily chart, the March 18 gains were the most extensive in the past week of trading.
Based on the MASKUSDT candlestick arrangement on the daily chart, there are indications of a possible bullish continuation that may push the token above the $7 resistance level.
Technical analysis of masks | Fountain: TradingView
General market sentiment suggests that the bulls are bullish. Of note, all moving averages, a technical indicator for defining trends, indicate that MASK is in an uptrend and that traders appear to be accumulating.
What is driving MASK?
There could be several reasons behind the MASK price rally.
For example, on March 7, Lookonchain, an on-chain analytics platform, noted massive MASK withdrawals from key exchanges, including Binance and Huobi.
Accompanying this was a price change that saw MASK rise from $3.27 to $4.16, a 27% gain.
Lookonchain tweeted that a wallet, believed to be owned by the platform, downloaded 850,000 MASK.
