Monat: November 2022

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What is Mask Network, and why is its token surging? – a technical outlook

The Mask Network, a protocol that claims to be the portal to a new and open internet, is attracting interest this week. Its native token, MASK, is making parabolic moves. In just two days, MASK has more than doubled in price. The token touched a high of $5.90 on Thursday, from $2.30 on November 2. MASK has been on a bullish momentum for the past week, having recovered from a low of slightly above $1.

Mask Network aims to introduce privacy and Web3 functionalities to social media, including Twitter and Facebook. The web3 platform enables privacy through the encryption of messages disseminated through social media platforms. The network aims to do so through an open-sourced browser extension. Mask also enables other Web3 fields, such as NFTs and DeFi. 

MASK, the native token, is surging on growing prospects of more use cases around Elon Musk’s acquisition of Twitter. The token initially supports Mask Network’s governance. Lately, Binance announced it was launching the “Bluebird Index.”

MASK is one of the cryptocurrencies in the index alongside BNB and DOGE. The move has ignited investors’ interest in MASK, which could be core to Twitter’s payment. That follows a new-found bond between Binance and Musk after the former became a financier in the Twitter acquisition. A technical outlook, however, shows that MASK is overbought and facing resistance.

MASK meets resistance after the latest gains

Source – TradingView

A weekly technical outlook shows that MASK has an established resistance at $5.9. The cryptocurrency has corrected slightly after meeting the resistance. An RSI reading of 70 suggests that the token is overbought. However, the cryptocurrency broke past the 20-day and 50-day MA. A break above the latter could still be invalidated if MASK closes below.

Should you buy MASK?

The idea of using MASK as one of the payment mediums on Twitter could continue to boost the cryptocurrency. Nonetheless, the token is not trading at an attractive level. A correction is likely, and investors could consider buying lower. Alternatively, investors should buy when MASK breaks out at the resistance.

Where to buy MASK

Binance

Binance is one of the largest cryptocurrency exchanges in the world. It is better suited to more experienced investors and it offers a large number of cryptocurrencies to choose from, at over 600. Binance is also known for having low trading fees and a multiple of trading options that its users can benefit from, such as; peer-to-peer trading, margin trading and spot trading.

Buy MASK with Binance today

KuCoin

Kucoin is a cryptocurrency exchange which offers over 200 cryptocurrencies. Kucoin has a wide range of services, such as; a built-in peer-to-peer exchange, spot and margin trading, bank level security and a wide range of accepted payment methods. Users can benefit from a beginner-friendly interface and relatively low fees.

Buy MASK with KuCoin today

The post What is Mask Network, and why is its token surging? – a technical outlook appeared first on CoinJournal.

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Arweave price prediction: Here’s why AR is soaring

Arweave price surged to the highest level since July 31st. It rose to a high of $17.62, which was about 131% above the lowest level this year. Its market cap surged to over $512 million, making it the 76th biggest cryptocurrency in the world.

Arweave and Meta partnership

Arweave is a community-owned storage platform that makes it possible for people to permanently store their data. Instead of monthly subscriptions, the platform makes it possible for people to store data with a single upfront payment.

Arweave uses the permaweb, which is a global, permanent web of pages and applications that live forever. The cost to store on Arweave tends to fluctuate over time. On average, it costs between $2.35 to $5 per GB.

Arweave’s ecosystem has grown rapidly in the past few months. Some of the top platforms that use Arweave are Verto, Argora, Mintbase, Nina, and Mask Network among other

Arweave price shot upward on Thursday after the developers unveiled a partnership with Meta Platforms, the parent company of Facebook and Instagram. The company is using Arweave to allow users store their digital collectibles on their Instagram platform.

The statement was made by Stephane Kasriel, who is the Commerce, FinTech, and Web3 at Meta Platforms. He previously worked for companies like PayPal and Upwork. In his statement, he said that the company was rolling out the feature on Polygon and Solana. 

Arweave price prediction

The daily chart shows that the AR price has been in a consolidation phase in the past few day. This consolidation ended on Thursday when the developers announced the partnership with Meta Platforms. As it rose, it moved above all moving averages while the Relative Strength Index (RSI) has jumped to the overbought level of 70.

Arweave also retested the key resistance level at $17.62, which was the highest point on July 31st. Therefore, I suspect that the coin will soon retreat as the enthusiasm of this partnership fades. If this happens, the next key level to watch will be at $10, which is about 30% below the current level.

The post Arweave price prediction: Here’s why AR is soaring appeared first on CoinJournal.

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Band Protocol price surges ahead of V2.4 upgrade: Is it a buy?

Band Protocol price popped to the highest level since August 16 after the developers announced plans for the next upgrade. The coin rose to a high of $1.72, which was the highest level since August 17. It jumped by more than 76% from the lowest level this year. 

Why is BAND soaring?

Band Protocol is a Chainlink competitor that provides oracle solutions to a number of blockchain projects. Some of the top projects using the platform are Injective, Loopring, KyberSwap, Homora, and CREAM Finance. Injective has a total market dominance of about 17.30%.

According to DeFi Llama, Band Protocol has a total value secured (TVS) of more than $808 million. This makes it the sixth biggest oracle network after Chainlink, Maker. WINKLink, TWAP, and Pyth. 

In the past few months, the oracle industry has struggled as challenges in the DeFi industry remain. Most providers have seen their TVS crash by billions of dollars. In its peak, Band Protocol had a TVS of more than $5 billion. Chainlink, which had a TVS of $60 billion has dropped to about $30 billion.

Band Protocol price made a strong recovery after the developers announced a new upgrade to its ecosystem. It will happen on November 21st of this year. 

Band Protocol’s BandChain will upgrade to v2.4. It will have three key features. First, it will increase the MaxGas per block to 50M Gas. Second, it will increase the throughput for oracle module by ~10x from optimising owasm runtime. Finally, it will bump cosmos sdk TO V0.45.10 and ibc-go to v3.3.1.

Band Protocol unveiled the voting process for this upgrade. At the time of writing, 10 voters have already cast their votes, with all of them being positive. Therefore BAND price is soaring as investors wait for the new transition.

Band’s upgrade is one of the top cryptocurrency news of this month. Others are the upgrade of the Cosmos ecosystem and Theta’s hard fork.

Band Protocol price

The daily chart shows that the BAND price has been in a tight range in the past few days. It remains more than 50% from the highest point this year. The coin rose above the important resistance level at $1.20, which was the lowest level at July 13. 

Band Protocol price rose above the descending channel shown in green. It also rose above the 25-day and 50-day moving averages. Therefore, there is a likelihood that the coin will rise to a high of $2.11, which was its highest point on June 28. 

The post Band Protocol price surges ahead of V2.4 upgrade: Is it a buy? appeared first on CoinJournal.