Astounding Increase: Mask Network Rises 114% in Just 7 Days

The Mask Network’s native token, MASK, continues to hold a bullish trend, as it recently posted sharp gains. As of writing on March 18, the coin is changing hands at $6.19 per data from CoinMarketCap, a coin tracker.

Price action mask

The mask appears in green to read from the performance on the daily chart. The coin has increased from around $4.44 to $6.41 in the last 24 hours, up more than 40%.

Mask price movement over 7 days | source: CoinMarketCap

Meanwhile, the coin has swung from bearish to bullish in the past trading week. As of March 12, MASK was trading at $2.8 but reversed losses and moved up to spot rates. The shift in trend has seen MASK up 114% week-to-date, propelling its market capitalization to over $459 million, placing it at number 89 on the leaderboard.

Based on the performance on the daily chart, March 18th’s gains were the largest in the last week of trading.
According to the MASKUSDT candlestick arrangement on the daily chart, there are hints of a possible bullish continuation that could push the coin above the $7 resistance level.

Technical Analysis Mask | source: TradingView

The general market sentiment indicates that the bulls are bullish. It is worth noting that all moving averages, which are a technical indicator for trend identification, indicate that MASK is in an uptrend, and it seems that traders are piling up.

What is driving a mask?

There could be several reasons behind the high price of MASK.

For example, on March 7, Lookonchain, an onchain analysis platform, noticed massive MASK withdrawals from major exchanges, including Binance and Huobi.

This was accompanied by a price shift that saw MASK rise from $3.27 to $4.16, an increase of 27%.

Lookonchain tweeted that the wallet, which is believed to be owned by the platform, dumped 850,000 masks.