Mask Network surging, MASK rallies 114% in 7 days

Mask Network’s native token, MASK, continues to retain an uptrend, recently posting sharp gains. When writing on Mar. 18, the token is changing hands at $6.19 per data from CoinMarketCap, a coin tracker.

MASK price action

MASK is in green, reading from the performance in the daily chart. The token rose from about $4.44 to $6.41 in the past 24 hours, surging over 40%.

Mask’s 7-day price action | Source: CoinMarketCap

Meanwhile, the token swung from bearish to bullish in the last trading week. As of Mar. 12, MASK traded at $2.8 but reversed losses and spiked to spot rates. The shift in trend saw MASK surge 114% week-to-date, pushing its market cap to over $459m, placing it at 89th on the leaderboard.

Based on the performance in the daily chart, Mar.18’s gains were the most extensive in the last week of trading.
Per the MASKUSDT candlestick arrangement in the daily chart, there are hints of a possible bullish continuation that may push the token above the $7 resistance level.

Mask technical analysis | Source: TradingView

General market sentiment suggests that bulls are upbeat. Of note, all moving averages, a technical indicator for trend definition, indicates that MASK is on an uptrend, and traders appear to be accumulating.

What’s driving MASK?

There could be several reasons behind MASK’s price rally. 

For example, on Mar. 7, Lookonchain, an onchain analysis platform, noted massive withdrawals of MASK from key exchanges, including Binance and Huobi. 

Accompanying this was a price shift 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, dumped 850,000 MASK.