HEX Price Has Broken Below Significant Lows; Will It Rebound?

• The Hex crypto has lost its value by 8.2% in the last seven days.
• The cryptocurrency’s price seems highly volatile.

HEX, a cryptocurrency launched in 2019, operates on Ethereum‘s blockchain, offering a proof-of-stake model. Created by Richard Heart, it functions as a high-yield savings account, rewarding users for staking HEX tokens for specific durations. 

With a fixed supply, the HEX crypto is used to earn interest through staking and trading on exchanges, albeit with associated risks.

The market cap of the Hex crypto has declined by 2.8% in the last 24 hours, leading to the current value of $402.947M. Its ranking in terms of market cap is #223rd.

The trading volume of the crypto has also witnessed a decline of 51.3% in just the last 24 hours. The crypto’s volume/market cap ratio is 0.12%, resulting in a circulating supply of 173.411B HEX. 

The total supply of the crypto is 633.542B HEX, and the maximum supply is also the same. Its fully diluted market cap is $1.467B, and the Onchain market cap is $1.387B.

The staked amount for the crypto is worth $146.17M, and the recorded liquidity for the crypto is $5.4M. The crypto asset’s volatility is also extremely high, resulting in 58.32%. Moreover, the crypto’s sentiment is bearish, and the fear and greed index indicates extreme greed at 83.

The market cap dominance of the crypto is 0.02%, and the highest price ever achieved by the crypto is $0.509030. It was recorded on September 19, 2021. The all-time low price for the crypto was recorded on December 12, 2019. 

Price Vs Volume Analysis for the Hex Crypto

The Hex token witnessed a massive surge in the trading volume over the last few days, followed by a decline in the crypto price. This behavior shows that the selling pressure for the crypto is intense.

HEX Crypto Technical Analysis

After consolidating inside a wedge pattern, the token’s price has broken below the pattern and is consistently declining to lower levels. It broke further below the crucial support and is still in a strong downtrend. 

HEX/USD Chart by TradingView.com

The 50-day and 200-day EMAs are trading in a death crossover on the charts. Crypto’s price is also consistently declining below the following EMAs. 

The MACD and the signal line have declined below the zero level and are currently trading at -0.001544. Furthermore, the following lines are trying to reverse and form a bullish cross. 

The RSI has also declined to oversold zones, trading at a level of 30.3. It indicates a weakness in the price of the crypto.

Summary 

HEX cryptocurrency faces significant bearish sentiment with a recent 8.2% price drop and declining trading volume. Technical analysis reveals a strong downtrend, with the price breaking below crucial support levels and key EMAs forming a death cross. MACD and RSI indicators signal further weakness, indicating a challenging outlook for HEX.

Technical Levels: 

• Support levels: $0.001500 and $0.00200
• Resistance levels: $0.013800 and $0.02400

Disclaimer

This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.