The Mask Network (MASK) price initiated a very strong upward move on November 2 due to the positive news from Binance. However, it has yet to break through its primary resistance at $3.65.
Binance announcement that it would launch the Bluebird Index perpetual contracts with up to 25x leverage. The index will understand Binance Coin (BNB), Dogecoin (DOGE), and Network of Masks (MASK). It will be weighted by volume and market capitalization and rebalanced every Thursday. Currently the weights are as follows:
- ENB – 51.8%
- DOGE – 41.9%
- MASK – 6.3%
Although there was no noticeable effect on the price of BNB or DOGE, the price of the Mask network rose almost 70% right after the announcement, leading to a high of $4.48 . The pump was particularly notable as the rest of the market gradually bled. This may have happened as a result of
Asia-Pacific stocks ahead of the FOMC meeting.
Happy FOMC day!— Newsquawk (@Newsquawk) November 2, 2022
- APAC stocks were mixed with the region cautious after the lacklustre handover from the US ahead of the FOMC
MASK Price Pumps but fails to eliminate resistance
MASK price started its upward movement on October 26 and reached a high of $3.03 three days later. An increase of nearly 200% in three days.
At the time, no positive news could precede the bullish move.
After a brief retracement, MASK price started another upward move on November 2, leading to a high of $4.48.
Despite the uptrend, MASK failed to break out of the $3.65 resistance zone and created a long upper wick (red icon) instead.
However, the daily RSI is not showing any signs of weakness yet. Regardless of being overbought, it did not generate any bearish divergence. As a result, this suggests that MASK price will eventually manage to break above the $3.65 zone.
If so, the next resistance would be at $6.40.
Short-term decline followed by a rally
The move from the October lows looks like a five-wave upward move. In it, the MASK price is in the fifth and final wave, after which a retracement is expected.
Moreover, the movements of the RSI and the candlesticks show bearish signs. The RSI has generated a bearish divergence (green line) and there are several long upper wicks in place over the past 24 hours (red icons).
As a result, a retracement towards the 0.5-0.618 Fib retracement levels could occur. This support area is $2.31-$2.72.
Alternatively, a daily close above the $3.65 area would signal that the upward move will continue towards the $6.40 resistance instead of a near-term correction.
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