The odds of integrating into Twitter, a Web3 Coin that has rallied in double digits over the past week with massive whale purchases and centralized exchange listings, are declining with sales by its team. The project team sees the rally as a profit opportunity with their sales to Binance.
Leading the price drop behind Web3 Coin
As Kriptokoin.com, we have included the developments behind the recent rally of Mask Network (MASK) in this article. Making a strong start to the week, MASK has lost more than 8% in value as of Wednesday. Web3 coin dropped significantly to $4.33 from March 7 high. It is currently trying to maintain its position in the $3.50 zone.
According to on-chain analytics firm Lookonchain, around 850,000 MASK tokens were moved to Binance in 2 transactions, which could lead to a drop in MASK price. In a transaction whose cause is not yet understood, 850,000 MASKs were transferred to a value of $2.06 million. Lookonchain says this transaction likely had an impact on the day’s drop.
https://twitter.com/lookonchain/status/1633417945304154113
According to Lookonchain, hefty transfers had a direct impact on MASK’s price movements. More specifically, wallets allegedly linked to the team were moving around $15 million worth of tokens between centralized exchanges prior to the price drop.
Impact of whale activity on MASK
The MASK price gained about 30% from the $3.50 region to $4.33 on March 7. On-chain data shows that a whale, meanwhile, has withdrawn $14.8 million worth of MASK from Binance, OKX, Kucoin and Huobi via multiple addresses. The total number of MASK withdrawn from central exchanges opens 3.5 million. According to Lookonchain, these transactions initially positively affected MASK’s price movements.
In the continuation of the research, it is stated that if these tokens are sold, it can cause a big price drop. The analysis platform also stated that it examined previous transfers to and from the address to reach this interruption. It has been learned that in most cases, “transfers from the address will cause an increase in the MASK price, and a transfer will cause a decrease in the MASK price”.
Technically speaking, the MASK price peaked at $4.3 yesterday, up 30%. In detail, the setup includes a straight line of resistance connecting swing highs and rising support connecting swing lows. The triangle also contained a relevant mid-range that limits MASK’s attempts to rise to the $5-5.4 resistance bar (purple in the chart below).
Specifically, the ascending triangle is a continuation pattern. This means it gets stronger when it buys in an uptrend or downtrend. When the triangle exits, investors tend to buy or sell the asset depending on which way the price breaks. As MASK is currently at an 8% bearish angle, identifying which levels it attracts new buyers will reveal critical supports.
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