Should you buy the dip in Mask Network on Monday?
Mask Network (MASK/USD) is now trading over 25% lower in 2022 and is definitely not having the start to the year that investors were expecting after almost breaking out from a 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 via a decentralized autonomous organization called MaskDAO. Mask was almost 7% lower on Monday and was showing no signs of a reversal even as Mask approached a strong support zone.
Mask could soon reverse as it is almost at a strong support zone at $7.27 however investors must be cautious and wait for a clear reversal before taking any long positions.
After a sharp rally earlier this month, Mask was not able to sustain during the retest of the resistance at $13 and started falling and has been continuously trading in the red since then. Investors are looking for opportunities to buy Mask before it starts rallying again however it could be very risky as if Mask breaks the support a huge fall could be seen thus investors should only enter once a clear reversal is seen. Thus should you buy the dip in Mask?
Here is what the charts are suggesting-
Mask has fallen sharply since hitting the $16.5 mark, and a pullback could be seen soon, thus investors can enter soon once a clear reversal is seen.
A Strong support can be seen at $8.7 which could be the zone from which Mask would reverse however it is not showing any signs of reversing thus it could also approach the support zone at $7.5.
A target of $11 can be set followed by $12 whilst keeping a stop loss below the zone.