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- HEX price has witnessed an intraday loss of 8.55%.
- Buyers have failed to overcome the key moving average and shown weakness.
- No buying signals have been received from most of the technical indicators yet.
In September, the Hex (HEX) price gained more than 200%, triggering a breakout from the 200-day EMA. However, almost 160% of the profit was erased in the next month as it failed to sustain over the 200-day EMA. A fake breakout from the 200-day EMA was seen, which resulted in a 47% loss within 20 days.
In October, the HEX price formed three strong bullish marubozu candlesticks. It tried to push the price further. However, sellers were strong enough and kept their dominance. Let’s see if it bounces back or keeps falling ahead.
Is HEX Price Going to Lose More?
The MACD has parabolically entered the negative territory by triggering a bearish crossover with the Signal line. The histograms were red for longer, indicating a bearish forecast.
RSI was at 37.36. It slowly declined from the overbought zone and is headed toward the oversold zone.
On X, crypto expert KillGravve (@JTudor16) shared his take on HEX crypto. According to him, on a monthly time frame, the HEX price has been declining through a channel.
However, it has triggered a negative pullback. This could attract sellers, and the HEX coin price may lose more.
HEX Price Technical Analysis on a Daily Timeframe
HEX crypto price was trading at $0.00184. Over the past 24 hours, it has declined by 6.68%. The market capitalization was $1.06 Billion, and the 24-hour trading volume was $331.38K.
Since this month’s beginning, sellers have been in control and dragged down the price by 40%. The HEX price has lost a support level of $0.00210, which could be a bearish signal.
If the HEX coin price is below the $0.00210 mark, it could be difficult for buyers to return soon. According to the price action, the HEX price may continue falling to the significant support level of $0.00100.
Alternatively, buying can be seen if the digital asset price defends the $0.00180 level and exceeds the $0.00210 mark. Buyers may dominate once the price starts trading over the key moving averages, and the trend may reverse.
The HEX price has lost 37.53% in a week and 21.14% in a month. Furthermore, it has gained 44.26% in the last three weeks and became neutral in the past 6 months. It has declined by 66.98% YTD and 80.45% in a year.
HEX Price Analysis and Forecast
The HEX price has been facing significant challenges in the crypto market. The recent decline of 34% in a week and the failure to overcome key moving averages indicated weakness.
The technical analysis suggested that buyers have not received any strong signals. The price may continue to fall to the significant support level of $0.00100.
However, if the price defends the $0.00180 level and exceeds $0.00210, we might see a potential buying opportunity. It will be interesting to see if the price bounces back or if they continue to face selling pressure in the coming days.
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
