🌎 Mask Network Token Soars 108%, Hits Highest Since June

The Mask Network token experienced a significant rise for three consecutive days, reaching a peak of $3.23, its highest level since June 10.

Mask Network’s Impressive Growth

The Mask Network, a privacy-focused platform, has seen its value increase by 108% from its lowest level this year, bringing its market cap to over $303 million. This remarkable rebound occurred as the crypto fear and greed index climbed to the greed zone of 67, marking its highest level in months.

Additionally, there was a notable spike in futures open interest, which surged to $90.16 million, the highest level since April 2. Most of this volume was concentrated on Binance, followed by Bybit, OKX, and Bitget. The intraday volume also soared to its highest level in over a year, reaching $482 million, up from $83 million the previous day, indicating increased demand for the coin. This rally is likely attributed to the upcoming Web3 Social Day in Bangkok, where team members will participate.

Understanding Mask Network

For beginners, Mask Network is a company that aims to enhance privacy across major social media platforms like X, Instagram, and Facebook. Users can sign up, install the web application, and start communicating securely.

Mask Network Token Rally

The Mask token hit a low of $1.527, its lowest point on August 5, and has more than doubled since then. This week, the token surpassed the critical resistance point of $2.571, its highest point on October 5, and continued to rally to its highest level since April.

As it surged, the token moved above the 200-day and 50-day Exponential Moving Averages, indicating that bulls are in control. The coin also rose above the Ichimoku cloud indicator and is approaching the 38.2% Fibonacci Retracement level. It formed an inverse head and shoulders pattern, a popular bullish reversal signal.