Following last week’s aggressive bearish trend in the cryptocurrency industry that was triggered by the collapse of the second-largest cryptocurrency exchange, the Mask crypto price is showing strong signs of recovery in today’s trading session. It is already up by almost 5 per cent. The intraday data is also aggressively bullish, indicating a likelihood that we might see Mask Crypto closing with a much higher gain.
After hitting the November price high of $5.98, the Mask Crytpo price started an aggressive push to the downside, which saw it drop by almost 50 per cent. However, the drop was followed by a 37 per cent price surge on November 10 and another 7 per cent spike the following day.
The bullish trend was also against the major industry trend, which at the time, had entered a strong bearish trend following revelations that FTX was likely to collapse. In the past two trading sessions, Mask’s crypto price has traded in tandem with the industry and dropped by over 15 per cent. Today, with the industry in a price correction, Mask crypto price has also traded in tandem with the industry, which has seen it spike by 5 per cent at press time.
As seen above, Mask Crypto price has adapted to trading in tandem with the industry for the past few trading sessions. In today’s session, it is up by 5 per cent, responding to positive market forces that have triggered almost all other cryptocurrencies to be bullish.
Therefore, much of what will happen to Mask crypto will depend on the industry’s trend. Looking at the current fundamental factors, there is a high likelihood that we have not seen the end of the crypto exchanges collapsing or facing problems. Therefore, I am bearish on Mask crypto price and expect it to fall father and possibly trade below the $2 price level in the coming session. However, a trade above $4 will invalidate my bearish trend analysis.
This post was last modified on %s = human-readable time difference 14:31