HEX Price Outlook: Will the Crypto Stabilize or Decline Further?

• 1 The HEX price was trading close to $0.002 at press time, recording a negative intraday development of 2.33%. 
• 2 The whales’ holdings saw a jump of 0.5% after the price crashed last week. 

The HEX Price has been extending the losses further on Saturday after taking a pause on Friday. The price seems to be stabilizing near the lows after a crash in the last week that eroded nearly 80% of its value. 

The HEX crypto trades below all the key exponential moving averages of 20, 50, and 200-day EMA, suggesting a bearish trend prevails. Earlier, the crypto fell sharply after the breakdown of an ascending triangle pattern.

The HEX price is currently consolidating and reducing the volatility incurred due to the sharp fall. Also, a bullish divergence between the price and the RSI indicated a pullback pending in the crypto. 

HEX Crypto Volume Analysis

The HEX crypto noticed a massive surge in the selling volume last week, and the price was noted to fall sharply. The volume surged nearly 400%, gaining from almost $5 Million to $20 Million.

However, the volume dropped after the price fall, indicating the price was trying to stabilize near the lows after the crash. The volatility had also touched the sky in recent sessions, which now seems cooling down. 

The intraday volume received was $503.487 million, nearly 28% lower than the previous sessions. The HEX crypto’s volume-to-market capitalization ratio is 0.12%. 

HEX Crypto: Whale Holdings Surged Despite the Price Fall!

The above chart illustrates a correlation between the supply held by the top addresses and the HEX price over a period of time. As per the data, the whales held nearly 61% of the total supply by the beginning of February 202. 

After that, the whale holdings saw a drop in February and were close to 60.51% by the end of February 2024. The HEX price crashed nearly 80% in the 1st week of March. However, the whale holdings did not experience any selloff. Instead, the whales accumulated another 0.5% back to their portfolio, which they sold in the previous month. 

Technical Indicators Show a Pullback is Pending in the HEX Crypto

When writing, the relative strength indicator of HEX cryptocurrency was placed at 30.62 points. Meanwhile, the 14-day SMA line was at 30.48 points. Both the lines seem to be recovering after entering an oversold region. Moreover, a bullish divergence was observed between the RSI and the HEX price, suggesting a pullback or upthrust pending in the crypto.  

The exponential moving averages of 20, 50, and 200-day were hovering higher than the HEX price, suggesting a negative trend prevailing in the crypto.

HEX Crypto Forecast 2024

   

The HEX price is currently hovering in a range-bounded zone over the daily chart. The breakout or breakdown may decide the next clear trend in the short term. 

The breakout above the higher boundary of the range may initiate a pullback after a sharp fall. The crypto may rise to test sellers’ strength near the dynamic resistance of the 20-day and 50-day. 

Conversely, the breakdown below the lower range of the HEX crypto may validate a trend continuation, and the price may crash more. Short-term sellers may target a lower demand zone of $0.00044 as the next support. 

Conclusion.

The HEX crypto is stabilizing near the multi-month lows after a crash and consolidating in a range. The trend outlook is bearish, but the RSI shows a divergence, indicating a possible correction before falling further. 

The breakout or breakdown of the current range may indicate a clear trend in the short term. The breakout may attract short-term buyers, and the crypto may head for a pullback. On the flip side, the breakdown may indicate a trend continuation, and the crypto may slide to lower demand zones. 

Technical levels:

• Support levels: $0.002 and $0.00044
• Resistance levels: $0.004 and $0.0079.

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.