Masks Community worth pumps then dumps as whales promote

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

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

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

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

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

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

The opposite bearish signal for the Masks Community is its unfavorable funding fee up to now few days. This occurs when extra merchants are shorting an asset and are thus paying bullish ones a small price.

Masks Community worth technical evaluation 

The each day chart reveals that the MASK worth 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 Energy Index tilted downwards, transferring from a excessive of 80 to 54. Due to this fact, the token will doubtless 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.