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Should you buy the Dip in Mask Network

 


Mask Network (MASK / USD) is now trading over 25% lower in 2022. It definitely won't start the year investors expected after almost breaking out of strong resistance. MASK enables users of popular social media platforms to send cryptocurrency, interact with decentralized applications and share encrypted content. MASK token holders can vote on ecosystem initiatives through a decentralized autonomous organization called MaskDAO. Mask was down nearly 7% on Monday and showed no signs of reversal even as Mask approached a strong support zone.

However, Mask could reverse soon as it is near a strong support zone at USD 7.27. However, investors need to be careful and wait for a clear reversal before going long.

After a strong rebound earlier this month, Mask was unable to hold the USD 13 resistance and began to fall. Since then, the price has been continuously in the red. Investors are looking for opportunities to buy Mask before the price rises again. This could be very risky, however, as if Mask breaks the support it could result in a massive price decline. Investors should therefore only get in as soon as there is a clear trend reversal. So should you buy the decline in the Mask price?

  • Mask has fallen sharply since hitting the $ 16.5 mark. A pullback could be seen soon so investors can get in as soon as a clear reversal can be seen.

  • Strong support can be seen at USD 8.7 which could be the zone Mask would reverse from. However, it shows no signs of reversal and as such it may be nearing the USD 7.5 support zone as well.

  • A target of $ 11 can be set followed by $ 12 while a stop loss should remain below the zone.

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