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- 1 HEX price has just broken a downtrend and the bullish investors will likely take on from here.
- 2 Hex crypto’s mechanism is based on stacking.
HEX is a blockchain certificate of deposit founded in 2019 by Richard Heart. It offers high interest rates and is similar to a fixed deposit but for cryptocurrencies. HEX users can participate in staking their HEX tokens to receive a portion of the new HEX coin issuance, which comes from its annual inflation.
It was initially launched in 2019 and airdropped free HEX coins to Bitcoin holders, who could claim them through the MetaMask wallet.
This platform uses the Ethereum blockchain as a transaction layer for sending and receiving HEX tokens and interacting with the HEX smart contract. The consensus code and staking mechanism are contained within the smart contract, which makes it a more efficient and user-friendly version of Bitcoin.
Working of Hex
HEX’s primary mechanism is based on staking. Users lock their HEX tokens for a chosen period that ranges from 1 day to 5,555 days. When the stake reaches maturity, the user receives their original tokens plus interest.
This interest comes from multiple sources, including inflation and early and late-end stake penalties, which are distributed to other stakes.
HEX is faster, cheaper, and more secure than Bitcoin. It uses Ethereum’s security and is built on top of its Proof of Work blockchain with more decentralized hashing power than Bitcoin. Unlike BTC, which devalues its price by delivering inflation to miners, HEX’s code is immutable and open-source.
It is an externally audited token, which makes it reliable and bug-free. HEX has security and economy audits from Chainsecurity and CoinFabrik. Hardware wallets like Trezor and Ledger can be used with MetaMask for HEX and ETH.
HEX is designed for long-term stakes to benefit the most. By eliminating intermediaries, users can transform Ethereum directly into HEX. It also offers free HEX to Bitcoin owners, which helps small market players and penalizes Bitcoin whales. Early claimers receive bonuses, and late claimers get penalties.
Referrers and those referred are also paid bonuses. Unclaimed coins and interest are paid to those who have locked their HEX on time. Longer-term and larger stakes get more shares, and the price per share only increases. It equalizes incentives so that the more people participate, the better off everyone is!
Technical Analysis and Prediction of the HEX Coin Price
At press time, the HEX price is trading at the level of $0.00971. Currently, the bullish investors are in charge as they have broken a downtrend that started in mid-October last year.
As the bulls reached a support level of $0.00395 they surged up to nearly 200%. The current resistance level is at $0.01104 which, if gets broken, the bulls will affirm a new target at $0.0189.
Conclusion
HEX is a faster, cheaper, and more secure token than Bitcoin, using Ethereum’s security. Its price is currently trading at $0.00971, with bullish investors breaking a downtrend that began in mid-October last year.
Technical Levels
- Support Levels: $0.00636 and $0.0039
- Resistance Levels: $0.011. and $0.0189
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading in stocks, cryptos or related indexes comes with a risk of financial loss.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
