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- 1 The HEX crypto is down 1.29% in intraday and was at $0.0078 at the time of writing.
- 2 The technical indicators imply a sideways outlook until the price hovers between the 50-Day and 200-Day EMA.
HEX price edged lower on Wednesday near the previous day’s low and 50-Day EMA. The crypto started the week on a positive note, indicating the buyers’ presence near the 50-Day EMA. However, it could not resume bullishness on Tuesday and Wednesday and consolidated near it.
Earlier the crypto made a downside move till the 50-Day EMA after the breakdown of the 20-Day EMA in the last week. The bears are in control of the trend in the short term and attempting to break price to the lower levels.
At the time of writing, the HEX crypto was at $0.359 recording an intraday rise of 3.19% in the past 24 hours. It has a market capitalization of $1.006 Billion. Moreover, the volume-to-market cap ratio is 3.48% suggesting low volatility.
Now, the breakdown below the 50-Day exponential moving averages may unlock more downside potential of 15 to 20% till the $0.0055 level.
HEX Price Technical Analysis
Moreover, HEX crypto reversed its trend from bullish to bearish after failing to surpass the 200-Day EMA over the daily chart. Hex price jumped off from its lows in the 1st week of January and made a short term bull run gaining more than 100% in a couple of sessions.
However, the bears halted the further upside movement near the 200-Day EMA. The 200-Day EMA acted as a dynamic resistance for the HEX token and the price suffered rejection multiple times and dipped lower.
Currently, the HEX price hovers between near the 50-Day EMA on the lower side and 200-Day EMA on the upper side. The trend outlook is sideways until the crypto hovers between the EMAs. The breakout or breakdown may decide the next clear trend.
Now, as per our analysis, Fresh downside moves might be observed on the HEX price chart if the sellers can break below the 50-Day EMA on the lower side. The long term trend is bearish which adds confirmation of further breakdown.
HEX Price Prediction February 2024
The most optimistic view of analysts assumes that the price may attain a high of $0.00907 by the end of February 2024. However, the pessimistic view of analysts predicts that the price may slide below the recent support levels of $0.0058.
HEX Price Prediction 2024
The price forecast for the year 2024 is that the HEX token price could reach a high of $0.133, suggesting a potential gain of nearly 70.57%. On the other hand, the bearish outlook of the analysts predicts that the price could reach $0.105 by the end of the year.
HEX Price Prediction 2025
By the year 2025, the HEX price may attain $0.172 on the upper end. On the flip side, the minimum price up to which the crypto price may rise by the year 2025 is $0.127.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Amanda Shinoy is one of the few women in the space invested knee-deep in crypto. An advocate for increasing the presence of women in crypto, she is known for her accurate technical analysis and price prediction of cryptocurrencies. Readers are often waiting for her opinion about the next rally. She is a finance expert with an MBA in finance. Quitting a corporate job at a leading financial institution, she now engages herself full-time into financial education for the general public.
