Mask Network token surges; open interest hits 7-month high

MASK chart | Source: TradingView

The Mask token bottomed at $1.527, its lowest point on Au. 5, and has more than doubled since then.

This week, the token crossed the important resistance point at $2.571, its highest point on Oct. 5. It then rallied to its highest level since April.

As it jumped, it has moved above the 200-day and 50-day Exponential Moving Averages, meaning that bulls are in control.

The coin has also risen above the Ichimoku cloud indicator and is nearing the 38.2% Fibonacci Retracement level. It also formed an inverse head and shoulders pattern, a popular bullish reversal sign.

Therefore, Mask Network token will likely continue rising as buyers target the 50% retracement point at $4, which is 28% above the current level.

The alternative scenario is where the token gives up these gains and retests the support at $2.57 as some traders start to take profits.