MASK Price Analysis: Resistance at $11.8 remains unbroken, lower price levels to follow?

TL;DR Breakdown

• MASK price analysis today is seemingly bearish.
• The price movement was unable to breach a strong resistance at $11.8.
• The nearest support for the MASK/USDT pair rests at $9.3.
• Bitcoin on the other hand had fallen below the support at $46K but is trying to reclaim it.
• The entire crypto market has fallen to the bears.

Mask Protocol is a network that allows users to achieve the privacy that they deserve, i.e., it allows the users to send perfectly encrypted messages to the users. The Mask Protocol Network can be implemented over other DApps and messaging applications. This use case has made it imperative to discuss today’s MASK price analysis. The MASK price analysis for today is definitely bearish as the coin is trading 14 percent below its previously achieved daily high.

The coin has performed well in the short term as we saw the coin rise from $6 to $20 in just 8 days, i.e., from 20 August to 28 August. If such conditions repeat, we can see another surge in the price of the coin. Currently, the price of the cryptocurrency rests at $11.13 and is trading with a surge in the market cap by around 3.65 percent according to data by Coinmarketcap. There is a surge in the trading volume by 187.73 percent indicating bullish price movement.

For Bitcoin, the news is good as well as bad. The price movement is bearish but, on-chain data indicates that a huge amount of Bitcoin is being bought and stored in cold storage. The cryptocurrency formed a minor resistance at $45.3 K which was broken as the current price rests at $46.3K.

MASK price analysis: Technical indicators bearish on 4-hour chart

MASK price analysis is currently seeing a bearish trend as Bitcoin tried to reclaim its support at $46K. If Bitcoin is able to close a candle above the $46K level this would turn things around for the king of cryptocurrencies. Considering the price movement of MASK/USDT, the 4-hour charts below the readings from popular and significant technical indicators.

According to the MASK price analysis, the price movement is currently below the 100-day Moving Average but above the 50-day Moving Averages. If the price action turns bullish, we can witness the 100-day Moving Average be re-captured on the 4-hour chart. Although for now, it is clear that MASK price analysis is bearish, and therefore, it is more possible for MASK/USDT to lose the 100-day Moving Average on the 4-hour chart as well.

Also, the price movement is situated in the upper end of the Bollinger Bands due to a huge surge that we witnessed a day earlier. This retracement could be a cool-off period after the bears broke the resistance at $9.2. But if bears continue to strengthen, a further drop in price is possible.

In the 4-hour MASK/USDT chart, we have done the MASK price analysis using the RSI and MACD indicators. These indicators show that the price movement is still bullish. The RSI reads a value of 58 which means that the buying pressure is still winning over the bears. Also, the gradient is positive which could mean that the price movement could turn bullish anytime.

Considering the MASK price analysis using the MACD indicator, the bears haven’t yet been slain. It is possible that the crypto pair trades with a bullish outlook in the long term. Now, for the short term, the MACD line is still above the signal line but the two are getting closer to each other. If we witness a crossover and the histogram turns red, the retest of support at $9.2 can be witnessed.

MASK price analysis: Conclusion

MASK price analysis for today is definitely bearish as we have witnessed 3 consecutive red candles on the 4-hour chart. The trend is now bearish and new higher lows have been formed. Although, the RSI levels are still high and therefore, it would be good to place buy orders at $9.2.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.