Mask Network (MASK) Price Rejected by Horizontal Resistance, What Next?
The price of Mask Network (MASK) has broken above a long-term corrective pattern. It is expected to continue rising in the near future.
Descending Parallel Channel
The price of Mask Network (MASK) has been declining within a descending parallel channel since reaching its yearly high at $7.2 at the end of March 2023. This is a bullish pattern, often leading to breakouts in most cases.
Indeed, after 9 weeks of staying above the long-term support level at $2.1, MASK price finally broke above the channel in the week from October 23 to 29 with a large bullish candle. This move indicates that the correction process has ended, and a new uptrend might have begun.
The weekly RSI (Relative Strength Index) has broken above the descending resistance line and is above the 50 level. Both are bullish signals, supporting the continuation of the upward trend.
If the uptrend continues, the MASK price could rise to the next significant horizontal resistance level at $4.1.
Daily Outlook
The daily chart shows that the MASK price is currently being rejected by the horizontal resistance level at $3.6. However, the price maintaining just below this level for the past few days indicates that the bulls have not given up as they anticipate a higher level.
The daily RSI has created a bullish structure and approached the oversold zone, indicating the bullish advantage.
Therefore, the MASK price is likely to break above the $3.6 level in the coming days.
Conclusion
The most likely scenario suggests that the MASK price will break above the $3.6 resistance level and rise to the next resistance level at $4.1.
However, if the price is rejected at the $3.6 level, it could fall back to the previous resistance level at $2.97.
Disclaimer: Please note that this article is for informational purposes only and should not be taken as investment advice. As an investor, it is important to do your own research before making any decisions. We are not responsible for any investment decisions you make based on this information. Not Financial Advice.
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