The Mask Network, a protocol that claims to be the portal to a new and open internet, is attracting interest this week. Its native token, MASK, is making parabolic moves. In just two days, MASK has more than doubled in price. The token touched a high of $5.90 on Thursday, from $2.30 on November 2. MASK has been on a bullish momentum for the past week, having recovered from a low of slightly above $1.

Mask Network aims to introduce privacy and Web3 functionalities to social media, including Twitter and Facebook. The web3 platform enables privacy through the encryption of messages disseminated through social media platforms. The network aims to do so through an open-sourced browser extension. Mask also enables other Web3 fields, such as NFTs and DeFi. 

MASK, the native token, is surging on growing prospects of more use cases around Elon Musk’s acquisition of Twitter. The token initially supports Mask Network’s governance. Lately, Binance announced it was launching the “Bluebird Index.”

MASK is one of the cryptocurrencies in the index alongside BNB and DOGE. The move has ignited investors’ interest in MASK, which could be core to Twitter’s payment. That follows a new-found bond between Binance and Musk after the former became a financier in the Twitter acquisition. A technical outlook, however, shows that MASK is overbought and facing resistance.

Source – TradingView

A weekly technical outlook shows that MASK has an established resistance at $5.9. The cryptocurrency has corrected slightly after meeting the resistance. An RSI reading of 70 suggests that the token is overbought. However, the cryptocurrency broke past the 20-day and 50-day MA. A break above the latter could still be invalidated if MASK closes below.

The idea of using MASK as one of the payment mediums on Twitter could continue to boost the cryptocurrency. Nonetheless, the token is not trading at an attractive level. A correction is likely, and investors could consider buying lower. Alternatively, investors should buy when MASK breaks out at the resistance.

Binance is one of the largest cryptocurrency exchanges in the world. It is better suited to more experienced investors and it offers a large number of cryptocurrencies to choose from, at over 600. Binance is also known for having low trading fees and a multiple of trading options that its users can benefit from, such as; peer-to-peer trading, margin trading and spot trading.

Buy MASK with Binance today

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The post What is Mask Network, and why is its token surging? – a technical outlook appeared first on CoinJournal.

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