Mask Network value pumps then dumps as whales promote

Explore insights within the Bitcoin house. This article dives into: “Mask Network price pumps then dumps as whales sell”.

Mask Network token surged to its highest level since December final yr after which suffered a harsh reversal.

Mask Network (MASK), a privacy-focused token, rose to $3.6766, after which erased these good points and moved in the direction of $2. 

On-chain knowledge reveals that the whale transaction depend jumped. Santiment knowledge reveals that these transactions jumped to 26, its highest level since May 28. 

A deeper dive reveals that these whales are promoting the Mask token. The provide of held by whales dropped to twenty-eight.26 million on Friday, the bottom degree on report. 

More knowledge reveals that the 180-day and 365-day imply greenback invested age or MDIA has been in a powerful downward pattern. The 180-day determine dropped to 29.6, down from 50 in May, whereas the 365-day determine plunged to 38 from 70.

The MDIA determine appears to be like on the common age of all cash weighted by their buy value in US greenback phrases. A falling determine is often a bearish signal for a cryptocurrency. 

The different bearish signal for the Mask Network is its detrimental funding fee up to now few days. This occurs when extra merchants are shorting an asset and are thus paying bullish ones a small charge.

Funding fee, MDIA, funding fee, whale holdings | Source: Santiment

Mask Network value technical analysis 

MASK value chart | Source: crypto.information

The every day chart reveals that the MASK value surged to a excessive of $3.7020 after which suffered a harsh reversal to $2.3300. It dropped beneath the important thing help at $2.50, the best swing on April 1. 

The Relative Strength Index tilted downwards, transferring from a excessive of 80 to 54. Therefore, the token will probably proceed falling as sellers try to maneuver beneath $2 and the 50-day and 200-day transferring averages. Sustained promoting may even see it drop to $0.9475, the bottom level in April.

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