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- 1 HEX price witnessed low buying momentum and is looking bearish.
- 2 Technical indicators are suggesting further bearishness ahead.
The HEX price is below the key EMAs and is in a bearish trend. Moreover, the price action guides no buying activity. Sellers remain intact and persist in pushing the token amidst the bearish market sentiments. Furthermore, the technicals favor the bear cartel and suggest that another selloff wave may trigger if the token breaches the crucial zone of $0.001500, the make-or-break zone.
At press time, the HEX token (HEX) price traded at $0.001744 with an intraday drop of 1.82%, reflecting neutrality on the charts. It has a monthly return ratio of -30.20% and -.90.20% yearly. The pair of HEX/BTC is at 0.0000000274 BTC, and the market cap is $608.33 Million. Analysts are neutral and suggest that the HEX token may continue to face selling pressure and will underperform in the following sessions.
HEX Price Volume Profile Analysis On Daily Chart
The above displays the price-to-volume profile of the HEX token, which witnessed a downtrend. However, the rate of selloff remained lower, and multiple doji candlesticks were formed, signifying low selling pressure. The intraday trading volume jumped over 12.29% to $8.79 Million.
Price Volatility and Weighted Sentiment Outlook
This week, the price action witnessed consolidation, followed by a decline in the price volatility curve of over 6.90% to 0.016. However, the weighted sentiment looks neutral and stayed close to the midline, around -0.113.
Social Dominance and X Followers Insights
Amidst the price consolidation, the social dominance data noted a sharp spike from 22.40% to 0.346%, noting an increase in the discussion reports. However, the Twitter (X) followers’ data noted a stable move and remained close to the midline at around -73.
Development Activity and Total Amount of Holders Insights
The development data witnessed a minimal decline of over 7.90% and dragged to the midline around 12.2, showing a neutral outlook. However, the total amount of holders’ value remained neutral and was noted at around 333k.
Per the Fib levels, the HEX price traded below its 23.6% zone and breached the lower Bollinger Band region. Similarly, the RSI curve stayed in the oversold region, but a positive crossover was noted on the charts.
The total supply of the HEX crypto is 655.86 Million, whereas the volume-to-market cap ratio is 0.00101, ranked 2023 in the global crypto market cap.
Summary
The HEX crypto price signified a downtrend, and selling pressure was witnessed over the past few trading sessions. Moreover, the price action represents a follow-on selloff, and the token is seen as bearish on the charts.
Technical Levels
Support Levels: $0.001650 and $0.001500
Resistance Levels: $0.001850 and $0.001900
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.
Amanda Shinoy is one of the few women in the space invested knee-deep in crypto. An advocate for increasing the presence of women in crypto, she is known for her accurate technical analysis and price prediction of cryptocurrencies. Readers are often waiting for her opinion about the next rally. She is a finance expert with an MBA in finance. Quitting a corporate job at a leading financial institution, she now engages herself full-time into financial education for the general public.
