Mask Network's price has experienced significant volatility in recent weeks, with a sharp decline following a parabolic rally into early June. The token's price dropped over 30% from its recent high, erasing nearly all of June’s initial gains. This decline has led to a test of a critical support level, which could determine the medium-term control of the market.
The weekly candle chart highlights a dramatic reversal after Mask Network's price surged from the April lows near $0.92 to highs of $3.69. This move briefly tagged the 61.8% Fibonacci retracement near $3.28 but failed to hold above it. The price is now retreating toward the 0.236 Fib zone at $1.82, which currently acts as a key psychological support. Sustaining this level could stabilize sentiment after the panic sell-off.
On the daily timeframe, the price has decisively broken below the rising wedge support structure and is hovering just above $1.85. A close below $1.82 may open the door for a full retracement toward the $1.60–$1.28 demand zone, which aligns with prior consolidation levels seen throughout April and early May.
Looking at the 4-hour chart, Mask Network's price action formed a clear ascending triangle in late May, followed by a textbook breakout. However, the spike toward $3.69 was met with immediate rejection, forming a bearish engulfing candle across multiple timeframes. The sudden breakdown carved through prior support at $2.70 and triggered a cascade of stop losses. Price is now consolidating in a tightening triangle just above $1.84, with downward momentum slowing. However, the lower highs signal caution. If this current structure breaks down again, the $1.60–$1.28 support band could be tested swiftly.
The answer to why Mask Network's price is going down today lies in multiple converging factors. Firstly, the RSI on the 30-minute and 4-hour charts shows a bearish divergence at the top, followed by a breakdown into oversold territory (sub-35 levels), which signaled an exhaustion of bullish momentum. Additionally, the MACD printed a bearish crossover around the same time the breakdown occurred. Histogram bars shifted sharply into the negative, reinforcing the trend reversal. This momentum structure points to a broader correction phase rather than a simple pullback.
Moreover, the Ichimoku Cloud on the 30-minute chart now shows a deep bearish twist, with price action sitting well below the Kumo cloud. The conversion line and baseline are both trending downward, further confirming short-term bearish sentiment. The Stoch RSI remains under 20, suggesting momentum remains weak despite the bounce attempt.
Following the liquidation cascade, Mask Network's price volatility has surged to its highest levels in weeks. Bollinger Bands on the 4-hour chart have expanded dramatically, and price now trades beneath all key EMAs (20/50/100/200), suggesting that any rebound faces major resistance ahead. The upper band at $3.73 marked the top, while the lower band near $1.65 could be retested. Volume during the decline was significantly higher than on the rally, suggesting distribution rather than accumulation. Still, if bulls defend the $1.82 region and reclaim $2.12 on a 4H close, it could signal the start of a short-term recovery.
Given current chart dynamics, the price remains vulnerable unless it can reclaim lost trendlines. As of June 7, Mask Network's price is holding at $1.84, but momentum indicators suggest caution. The RSI (4H/30m) is at 34.7/36.0 (bearish), the MACD (30m) shows a bearish crossover, the Ichimoku (30m) indicates price below the cloud, and all EMAs (4H) are above the price. Key support levels are at $1.82, $1.60, and $1.28, while resistance levels are at $2.12, $2.50, and $3.28. Fib retracement targets are 0.236 = $1.82 and 0.382 = $2.38. Until $2.12 is reclaimed on strong volume, the broader outlook remains cautious. If support fails at $1.82, bears may target the $1.60–$1.28 region, where demand previously absorbed selling pressure. A successful reclaim of $2.12 could revive a push toward the 38.2% Fib at $2.38