Market Overview: Mask Network/Tether (MASKUSDT)

Summary
• Price declined from 0.585 to 0.563, forming bearish momentum and volume spikes post 16:00 ET.
• RSI hit oversold territory below 30, suggesting possible near-term rebound.
• Bollinger Bands showed contraction followed by expansion, indicating a period of consolidation before a directional move.
• A 61.8% Fibonacci retracement level sits at 0.567, acting as a potential support.

Market Overview

Mask Network/Tether (MASKUSDT) opened at 0.584, reached a high of 0.585, and a low of 0.558 before closing at 0.563 as of 12:00 ET. Total trading volume across the 24-hour period was 378,849.8 units with a notional turnover of 211,343.9 USD.

Structure and formations showed a strong bearish bias following a broad sell-off between 15:00 and 17:00 ET. A significant bearish engulfing pattern emerged during this phase, signaling exhaustion in the short-term. Key support levels are now around 0.567, with resistance near 0.572. On the 5-minute chart, the 20-period moving average crossed below the 50-period line, reinforcing the bearish sentiment.

The MACD turned negative with a bearish crossover, while RSI dropped into oversold territory, suggesting short-term buying interest may emerge. Bollinger Bands narrowed prior to the breakout, indicating low volatility before a sharp decline. Volume surged after 16:00 ET, coinciding with the price drop, showing confirmation rather than divergence. Notably, the 61.8% Fibonacci level at 0.567 offered temporary support.

Fibonacci retracements from the recent 5-minute swing indicate that 0.567 could hold if buyers re-enter the market. In the next 24 hours, traders may watch for a potential rebound from this level or a test of the 0.565–0.566 range. A break below 0.563 could extend the decline, so caution is warranted.