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- 1 The HEX token price persisted in dragging and has reached the crucial mark of $0.002000.
- 2 The Buyers have lost momentum and are looking for a rebound.
The HEX token price witnessed follow-on selling pressure and has dragged to the make-or-break region near $0.002000. The token has slipped below the key moving averages, and a double-top pattern is seen on the charts. The breakdown was recently noted, and the token is heading to the demand zone near $0.002000. The trend favors sellers, and further corrections may be made. Until the bulls did not sustain the upside of $0.0025000, the lower low structure was continued, and the token may dwell gains in the following sessions.
At press time, the HEX token (HEX) price was trading at $0.002067 with an intraday drop of 13.66%, reflecting bearishness on the charts. It has a monthly return ratio of -64.90% and -98.78% on a yearly basis. The pair of HEX/BTC is at 0.0000000303 BTC, and the market cap is $721.01 Million. Analysts are bearish and suggest that the HEX price may continue to face a selloff and will retest the immediate support zone of $0.002000 soon.
HEX Price-to-Volume Profile Revealed Seller Dominance
The above data showcased the price-to-volume profile of the HEX token, delivering underperformance. The technicals suggest that the correction may expand further to $0.002000, followed by $0.001800 soon. The intraday trading volume jumped over 58.18% to $939,007, signifying the volume-based panic selloff, which is an early indication of a breakdown.
Price Volatility and Sentiment Reflect Negative Outlook
Following the price decline, the price volatility stayed lower, standing at 0.027, which signifies steady movements. However, the weighted sentiment remained neutral, noting around 0.029. Amidst the severe decline, the sentiment pointed out on a positive note, which is an optimistic sign for the investors.
Social Dominance and Social Volume AI
Per the Santiment data, the social dominance curve reflected a sharp bounce over 120% to 0.372%, revealing increased activity and discussion on the media platforms. Similarly, the social volume AI noted a rise of over 29% to 5.90, indicating a positive development.
Active Addresses and Holding Overview
The data indicates that the total number of holders remained constant at around 332k, whereas the active addresses noted a sharp decline of over 245% to 2041.
Per the Fib retracement levels, the token has slipped below the 23.6% zone, signifying an intense selloff in the past weeks. The token has eroded over 70% of gains this month, and sellers have persisted in adding short positions.
The RSI curve stayed in the oversold region and formed a negative crossover, signifying underperformance on the charts. The trend is negative, and the sellers persisted in forcing the bulls, leading to a follow-on decline.
Summary
The HEX token price slipped below the key moving averages and may soon retest the demand zone of $0.002000. Moreover, the trend favors the bear cartel, and further downsides may be seen in the next sessions.
Technical Levels
Support Levels: $0.002000 and $0.001800
Resistance Levels: $0.002200 and $0.002700
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
