On June 6, MASK experienced a sharp drop — from $3.71 to $1.70 in just a few hours. That’s over -37% in a single day. Here's what triggered the sell-off.
Timeline
June 1 — Founder's wallet was hacked, resulting in a loss of approximately $4 million.
June 2 — A major holder sold around 756,000 MASK tokens, worth over $2.1 million.
June 4–5 — Price pumped to $3.7 following Orb acquisition news and positive Binance/SEC developments.
June 6 — Panic selling hit the market due to overbought conditions and insider-related fears.
Technical Breakdown
RSI reached 77, signaling extreme overbought conditions.
Trading volume surged to $1.14 billion for MASK and $2.57 billion in MASK/USDT.
Key support at $2.56 (Fibonacci level) was broken, triggering further downward momentum.
What's Next?
A stabilization zone may form between $1.70 and $2.10
A recovery above $2.50 is possible if sentiment improves
Further decline toward $1.60 could occur if fear persists
The market is in observation mode. This looks like a textbook example of profit-taking and fear-driven selling after a hype-fueled pump. Still, MASK has survived similar cycles before.
Are you expecting a rebound — or preparing for lower levels?