MASK price up 10% today, reasons undisclosed
- The price of MASK has increased by double digits today and by 17% over the past two weeks.
- Most of the gains have come after the team announced that they had invested in The Open Network (TON) network.
- The price of MASK is still nearly 90% lower than its all-time high of $41.45.
Mask Network (MASK) is a decentralized social network that aims to connect Web2 and Web3 apps. Its price has increased by over 10% in the last 24 hours, and the current price of MASK is $4.40.
The price of MASK has increased by more than 17% over the past two weeks.
Why is the price of Mask Network (MASK) up today?
There doesn’t seem to be any particular reason for the price of MASK rallying by double digits today. However, it is likely that the project’s recent announcement of an investment in The Open Network (TON) has boosted investor confidence and is aiding buying pressure.
Another reason could be the uptick seen today across the broader cryptocurrency market.
- Bitcoin at 200-week average, trader sees ‘inflection point’
- SUI continues to decline as bears hold power
- Why the 60% drop in Bitcoin and crypto market cap from all-time highs?
The price of Bitcoin has traded above $27k again after it came close to dipping under $26k earlier in the week. This comes after news that the US had struck a deal on its debt ceiling, and with BTC up, it’s likely that the sentiment cascaded into small cap altcoins like MASK.
At the time of writing, Mask’s daily trading volume is well over $80 million, representing a 148% jump in the past 24 hours. The spike in market activity has seen Mask Network, which is ranked 110 on CoinGecko, hit a market cap of about $354 million.
MASK price prediction
Despite the gains, the price of MASK is still nearly 90% lower than its all-time high of $41.45. The token hit its all-time high on February 24, 2021.
However, the current value is 352% higher than the all-time low of $0.976528, which was hit on October 13, 2022, and today’s gains could, therefore, see traders seeking to take profits. While this could happen, some analysts believe that the token is primed for a breakout.
Crypto analyst Captain Faibik says that MASK could see a breakout, as shown in the chart below, which was shared on Twitter.
