Mask Network price has been one of the best performers in the past few weeks. The coin surged to a high of $5.91, the highest point since April. In all, $MASK has jumped by about 400% from its lowest level in October, bringing its total market cap to more than $133 million.
Why did MASK jump?
Mask Network is an upcoming blockchain project that seeks to improve the Web3 industry. Its technology makes it possible for people to transition their Web2 ecosystems to Web3. Some of the top features are that it makes it possible for users to store files in a decentralized ecosystem. It also makes it possible for users to have Initial Twitter Offerings (ITO), encrypt messages, and verify NFT avatars.
Mask Network price jumped sharply last week after Meta Platforms unveiled its crypto NFT tools. Instagram will partner with blockchains like Solana, Polygon, and Flow to make this possible. Mask was not directly mentioned in the announcement but Arweave was.
Arweave is a leading storage platform that makes it possible for users to store files permanently. In the statement, Instagram said that it will leverage Arweave’s technology to store documents. Now, Mask Network makes it possible for users to store documents and is powered by Arweave’s technology.
Mask Network price also rose ahead of the launch of the Firefly app. This is an app that it has backed by Mask and is a DID social mobile application that will make it possible for people to chat privately.
Mask Network price prediction
The two-hour chart shows that MASK went parabolic last week as investors cheered these developments. This bullish momentum has faded and is at the 50-day moving average while the Relative Strength Index (RSI) has continued dropping. The Stochastic Oscillator has also tilted downwards and is slightly below the oversold level.
Therefore, it seems like the bullish trend is fading. As such, there is a likelihood that the coin will slip as sellers target the next key support level at $3. A move above the resistance level at $5 will invalidate the bearish view.