PulseChain Price Declines Below Support, Have Buyers Lost Hope?

• PulseChain crypto has less than 27% of its total supply in circulation.
• HEX crypto price has witnessed only 13 green trading days in the last 30 days.

HEX, launched in December 2019, is a cryptocurrency built on Ethereum‘s blockchain, offering a high-interest savings account through staking. With a fixed supply of 687,540,000 tokens, users earn interest by staking HEX for set periods. Created by Richard Heart, it’s traded on various exchanges.

PulseChain has a market cap of $331.65M, and the crypto price is currently trading at a level of $0.0101. The trading volume for the crypto has also witnessed an advance of 33.4% in the last 24 hours. This further results in a traded value of $2.467M.

Also, the volume/market cap ratio of the PulseChain token is 0.003, and the market cap dominance of the crypto is 0.01%. This further results in a market cap ranking of #2633 per CoinMarketCap.

The circulating supply of the crypto is 173.41B HEX, followed by the same amount of total supply and the maximum supply, resulting in 633.54B HEX. Despite this, the supply inflation of the crypto has yet to be disclosed.

The fully diluted market cap of the crypto is $5.935B, and the sentiment of the crypto is bearish, as per Coincodex. The volatility of the crypto is high, resulting in 70.71%. This indicates the possibility of future uncertain spikes in the trading price.

HEX Crypto Technical Analysis

The HEX token price has been following a solid downtrend, which led to a decline of 64.6% in the trading price since its all-time high of $0.0292. After declining to certain lows, the crypto price paused at the bottom levels. 

The following behavior of the trading price led to the rising wedge pattern, but the price failed to sustain above the same level and broke down below the pattern. Since the breakdown, the crypto price has consistently declined to lower levels.

HEX/USD Chart by TradingView

The EMAs on the HEX/USD crypto chart are trading in a bearish cross, and the price is also consistently declining at lower levels. The decline further follows this in the values of the 50-day and the 200-day EMA.

The MACD and the signal line are trading below the zero level and have declined significantly. This further shows the dominance of sellers in the crypto price.

The RSI on the daily chart of the HEX crypto is following a bearish cycle and has declined to oversold zones. This is further followed by the RSI declining below the 14-day SMA and is currently trading at a level of 29.0. 

Summary

PulseChain and HEX cryptocurrencies face bearish sentiment. PulseChain’s price and volume slightly increase, but its market cap ranks low. HEX’s price shows a significant downtrend, with EMAs and MACD signaling bearish trends. 

Technical Levels: 

• Support levels: $0.0010 and $0.00150
• Resistance levels: $0.01250 and $0.01600

Disclaimer

This article is for informational purposes only and provides no 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.