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- 1 At press time, the HEX price was trading close to $0.0018, reporting a positive intraday development of 0.43%.
- 2 The trend outlook is bearish below all the key exponential moving averages of 20, 50 and 200 day EMAs.
The HEX price is falling and stabilizing near the lows after a crash. The trend outlook is below all the 20, 50 and 200 day EMAs.
The daily chart showcases the formation of several indecisive candlesticks after losing momentum on the lower side. However, a lack of buying was also observed on the chart which suggests the loss of buyer interest in HEX crypto.
However, the top addresses seem to be accumulating crypto as the holdings of the top wallets have increased by 0.26% in the past one month. But for the price to recover, the bulls must stabilize at the lower levels before taking off.
On the higher side, the EMAs may act as a dynamic resistance and entry point for the sellers. Bulls need to surpass the EMAs to register a price surge on the charts.
Current price action favors the bears, however, the momentum is slow. The HEX price may continue to drop if the bearish pressure increases.
HEX Crypto Volume Analysis
The volume analysis shows that Hex cryptocurrency received nearly $276.84K in volume in the last 24 hours which is nearly 30% less than the previous day’s volume. The live market capitalization of HEX is $319.561 Million and ranks 238th in the overall crypto market.
The volume to market capitalization ratio is 0.09% indicating very low volatility in the crypto. It has 173.41 Billion HEX tokens in the circulating supply against a total supply of 633.542 Billion HEX tokens.
Weighted Sentiments Turned Neutral, Can HEX Recover?
The above chart illustrates the current bias of the traders and investors whether it is bullish, bearish or neutral. The chart shows that the overall sentient was neutral to bullish till the first week of March 2024.
However, the price noted a sharp fall in the second week of April and the sentiment’s weighted sentiments turned bearish. However, the HEX crypto seems to be stabilizing at the lows after a crash. The overall sentiments have tuned to neutral at the moment.
HEX Price May Show Gains As Top Addresses Show Accumulation
Despite a sharp fall in the HEX crypto, the supply held by the top addresses has not changed much. Instead, the top addresses have increased their holdings in the crypto. As per the data, the top addresses were holding nearly 60.76% of the total supply.
The holdings dropped to 60.55% by the first week of March 2024 indicating a 0.26% decrement. However, the holdings of the top addresses surged back to 60.76% in the later weeks of March 2024.
HEX Price Prediction April 2024
The most bullish observation is that HEX price could rise to a high of $0.0041 by the end of April 2024, suggesting a potential of nearly 80%. On the flip side, the most pessimistic prediction of our analysts is for the price to break below the recent support of $0.0016 level after which the price may fall to $0.0004. level.
Conclusion
HEX cryptocurrency is showing a negative trend, trading below key EMAs of 20, 50 and 200 days. The current market sentiment is indecisive and buying interest has reduced. Top wallet holdings increased slightly, suggesting potential accumulation.
To reverse the downtrend, bulls must overcome EMA resistance levels. Currently, bearish trends dominate with low momentum, and a further drop is possible if selling intensifies. Trading volume is down 30%, with a market cap of $319.561 Million. The low volume-to-market cap ratio indicates low volatility.
Technical levels:
- Support Levels: $0.0016 and $0.0004
- Resistance Levels: $0.0041 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.
Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.
