Mask Network token surges; open interest hits 7-month high

The Mask Network token rose for three consecutive days, reaching $3.23, its highest level since June 10.

Mask Network (MASK), a privacy-focused platform, has increased its market value to over $303 million, up 108% from this year’s lows.

This rebound came as the crypto fear and greed index rose to the 67 greed zone, its highest level in months.

This also coincided with open interest in futures rising to $90.16 million, its highest level since April 2. Most of this volume was on Binance, followed by Bybit, OKX and Bitget.

Intraday volume also rose to its highest level in more than a year. It had a volume of $482 million, up from $83 million the day before, indicating an increased demand for cryptocurrency. This rally was probably due to the upcoming Web3 Social Day in Bangkok, which the team members will be attending.

For starters, Mask Network is a company that aims to improve privacy on top social media platforms like X, Instagram, and Facebok. Users sign up, install the website app, and then start communicating.

Mask Network token rally continues MASK chart | Source: TradingView

The mask token fell to its lowest point in Au at $1,527. 5 and has more than doubled since then.

This week, the token broke through the key resistance point of $2,571, its high on October 5. It then rose to its highest level since April.

As it moved higher, it moved above the 200-day and 50-day Exponential Moving Averages, which means the bulls are in control.

The coin has also moved above the Ichimoku cloud indicator and is approaching the 38.2% Fibonacci Retracement level. It also formed an inverted head and shoulders pattern, which is a popular bullish sign.

Therefore, the Mask Network token will likely continue to rise as buyers target the 50% retracement point at $4, which is 28% above the current level.

The alternative scenario is where the token gives up these gains and retests support at $2.57 as some investors start taking profits.