Home
News
- 1 HEX coin price broke out from a bullish flag at the $0.0088 level.
- 2 The sellers have shown weakness for the last four trading sessions.
- 3 The trading volume of HEX has declined by 41.60% in the last 24 hours.
Launched on December 2, 2019, HEX is an ERC-20 token on the Ethereum network. It uses the Ethereum network to send and receive HEX tokens and interact with the HEX smart contracts. The smart contract rewards stakeholders for staking larger amounts of HEX tokens for extended periods and penalizes those who end their stake early.
HEX Coin Price Witnessed Massive Growth for the Last Two Quarters
On October 16, 2023, the HEX coin price experienced a massive buying from the $0.0029 extreme support level. The price surged by over 320% in just nine days from the support level. The upsurge intrigued many crypto traders for the next rally.
The HEX coin price made a bullish correction in the form of a descending channel. The correction resulted in a 66% drop from the $0.0118 resistance level. However, the buyers are already prepared at the $0.0041 demand level.
Buyers pushed the price toward the $0.0118 resistance level. The price gave a return of 200% during this rally. Conversely, the sellers are maintaining resistance at the $0.0126 level, which has been showing weakness in recent trading sessions.
Regarding the statistics, currently, HEX coin price is 98.25% below its all-time high price. The all-time high price stands at $0.5561. The current market capitalization of the HEX coin is $1.7 Billion, ranked 208th among other cryptocurrencies.
Technical Analysis of the HEX Coin Price
The current HEX coin price crossed above the 200-Day EMA after facing resistance multiple times. The 50 and the 200-Day EMAs are moving slightly below the HEX coin price, indicating an upcoming uptrend.
HEX coin price has given a breakout from a bullish flag pattern at $0.0088. The price successfully retested the breakout level and increased 47% near the $0.0126 resistance level. However, the current price is facing resistance from this level.
In the last four trading sessions, the HEX coin price formed weak bearish rejection candles, reflecting weakness in selling pressure. The current HEX coin price can reach the $0.0166 resistance if the price sustains above the $0.0126 level.
The relative strength index (RSI) reflected a bearish divergence in the momentum. However, the RSI slope is moving between the upper and middle bands, reflecting neutrality. RSI is sloping at 58.85 above the signal line.
Summary
The HEX coin price has recently crossed above the 50 and the 200-Day EMAs. The current price is facing resistance from the $0.0126 level. However, the sellers are reflecting weakness by forming weak rejection candles in the last four trading sessions. HEX coin price can surge to the $0.0166 resistance level if the price sustains above the $0.0126 level.
Technical Levels
- Resistance Levels: $0.0126 and $0.0166
- Support Levels: $0.0088 and $0.0071
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 stocks and crypto comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
