The HEX crypto could not find grounds on the fourth consecutive session and crashed nearly 29% on Wednesday by the afternoon session. The crypto lost nearly 80% of its valuation in the last four sessions and might continue to do so until it finds strong support.
While the overall crypto market maintained a balanced positive approach in the recent sessions, the HEX price has lost nearly 80% of its valuation and has hit a multi-month low. At the time of writing, the HEX crypto was trading close to $0.0029 after losing nearly 29% intraday.
Moreover, the severe drop in the HEX crypto price comes amid Richard Heart’s recent controversial statement on a social media platform X. In his recent tweet, he compared the HEX crypto based on PulseChain with eHEX which is based on Ethereum.
HEX Crypto Volume Analysis
Moreover, the volume analysis shows that HEX crypto saw an increase in the volume and price both before the price crash. However, the volume has also dropped to $4.85 Million intraday which is nearly 30% more than yesterday.
The volume to market capitalization ratio has dropped below 1% suggesting less than 1% volume inflow as compared to the market cap. It has a live market capitalization of $416.43 Million and has slipped to the 220th position in the overall crypto market.
Whales Holdings Did Not Fall Much Despite Sharp Fall In HEX Price?
The above chart displays the holdings of whales in the HEX crypto with comparison in the price. Whale holdings have been on the rise in the last three months. The HEX cryptocurrency also noticed a price surge in the recent period.
Moreover, the HEX crypto fell sharply in the recent sessions, however, the whales holdings did not experience a sell-off. It was observed that the whale holdings dropped nearly 1% to 55% and surged back to 56% as the price dropped.
HEX Crypto Indicator Analysis
The technical indicators imply a bearish outlook in the short term. The HEX cryptocurrency price fell sharply after it failed to sustain above the 200-Day EMA, indicating a continuation in the trend on the bearish side. The price crashed, breaking below the 50 and 20-Day EMAs, suggesting a negative trend.
At the time of writing, the RSI indicator was placed at 26.64 points and that of the SMA line was at 49.84 points. Both the RSI and SMA line were placed below the mean line proposing a negative sentiment developed.
HEX Crypto Forecast 2024
The price action analysis shows that the HEX crypto made a breakdown of an ascending triangle pattern and fell sharply towards the multi-month low value. The long-term trend was already below the 200-Day EMA.
The breakdown of the pattern indicated a trend reversal in the short term and a continuation of the long-term trend. The crypto may drop further if the bulls fail to lift the price near the multi-month low value of $0.0028.
Conclusion
The HEX crypto crashed nearly 80% in the last four intraday sessions to reach a multi-month low value of $0.00287. The crypto could not attract buyers intraday and lost nearly 29% intraday. The selling pressure is extreme which may keep on breaking the lower supply levels in the short term.
On the lower side, the $0.0010 level may be a major support and the price may halt the further fall. The technical indicators imply a bearish outlook in the short term as well as in the long term.
The volume has dropped significantly in the recent sessions. The whale holdings saw a drop of nearly 1% to 55% with the price drop however surged back to 56% in the last couple of sessions
Technical levels:
- Support Levels: $0.0028 and $0.001
- Resistance Levels: $0.0049 and $0.0076
