• Mask Network’s native token, MASK, has surged 114% in the last 7 days.
• The token recently posted sharp gains and is currently trading at $6.19 per data from CoinMarketCap.
• There could be several reasons behind MASK’s price rally, including massive withdrawals of the token from exchanges such as Binance and Huobi.
Mask Network (MASK) Surges 114% in 7 Days
MASK Price Action
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. In the past 24 hours, MASK rose from about $4.44 to $6.41 surging over 40%. In the last trading week it swung from bearish to bullish going from $2.8 to its current spot rate, resulting in a 114% increase week-to-date with its market cap now reaching over $459m placing it 89th on the leaderboard according to CoinMarketCap’s Leaderboard.
Technical analysis hints that there may be a possible bullish continuation which could push the token above the $7 resistance level when looking at the MASKUSDT candlestick arrangement in the daily chart. The moving averages all indicate that MASK is on an uptrend and traders appear to be accumulating further evidence that bulls are optimistic about future performance of this digital asset
What’s Driving MASK?
On Mar 7th Lookonchain noted massive withdrawals of MASK causing prices to surge 27%. It was believed that a wallet owned by Lookonchain dumped 850 000 of these tokens onto exchanges such as Binance and Huobi which helped fuel this rally even further
Other Factors Contributing To Price Surge
There could be other factors contributing this price jump aside from those mentioned above such as positive sentiment towards decentralized finance (DeFi) projects amongst investors or general news regarding developments within Mask Network itself
The surge seen in Mask Network’s native token MASK over recent days shows no sign of slowing down with prices continuing their steady rise as well as more potential catalysts for further growth like DeFi investments entering into play soon . It will be interesting to see how far this project can go with so much promise already shown thus far