The Mask Network token reached its highest point since December last year, then suffered a sharp reversal.
A privacy-focused token, rose to $3.6766, then erased those gains and headed towards $2.
On-chain data shows that the number of whale transactions has surged. Data from Santiment shows that these transactions jumped to 26, their highest point since May 28.
A deeper dive reveals that these whales are selling the Mask token. The supply held by whales fell to 28.26 million on Friday, the lowest level ever recorded.
More data shows that the average age invested in 180-day and 365-day dollars, or MDIA, has been on a sharp downward trend. The 180-day figure fell to 29.6, down from 50 in May, while the 365-day figure fell from 70 to 38.
The MDIA figure examines the average age of all coins weighted by their purchase price in US dollar terms. A declining figure is generally a bearish sign for a cryptocurrency.
Another bearish sign for the Mask Network is its negative funding rate over the past few days. This occurs when more and more traders unload an asset, thus paying fees to the bulls.
MASK Network Price Technical Analysis
The daily chart shows that the MASK price rose to a high of $3.7020, then experienced a sharp reversal to $2.3300. It fell below key support at $2.50, the highest swing high on April 1.
The Relative Strength Index has declined from a high of 80 to 54. Therefore, the token will likely continue to decline as sellers attempt to break below $2 and the 50-day and 200-day moving averages. Continued selling could see it fall to $0.9475, the lowest point in April.
