HEX Coin Price Dropped 62% on March 10; Is It Right Time to Enter?

• The HEX coin price has fallen from the $0.0138 supply zone.
• The EMAs are on the verge of a bearish crossover.
• 24-hour trading volume has experienced a massive increase of 1290.22%.

Launched on December 2, 2019, HEX is a store of value that replaces the Certificate of Deposit as its blockchain counterpart. It is an ERC-20 token on the Ethereum network that uses the network for the transaction layer. It helps HEX send and receive tokens and interact with the HEX smart contract. It also leverages the emerging decentralized finance (DeFi) ecosystem in cryptocurrencies within the Ethereum network.

HEX Price Moves Near the Six-Month Low

During the six-month trading session, the HEX coin price showed enormous bullish strength in the $0.0041 demand zone. The price experienced multiple bullish rallies, which surged by over 200% from that particular zone.

Conversely, Crypto sellers have made the $0.0126 level a strong supply zone. They maintained strong resistance at that level. The price faced nearly 4-5 times selling pressure from the $0.0126 supply level, making it a bearish point of interest (POI).

On January 9, 2024, the HEX crypto price rallied almost 200% to the $0.0126 supply level. The price consolidated for two months below that resistance, which made buyers lose hope for the bullish rally. They gave up on the $0.0126 resistance level.

The all-time high price of HEX coin is at $0.5561, and the current price is performing 99.18% below. 24-hour trading volume ranked 334th out of all the 8,959 active cryptocurrencies. The current market capitalization stands at $773 Million.

Technical Analysis of the HEX Token Price

The price faced selling pressure multiple times from the 200-day EMA, which makes it a strong supply slope. The 50-day and the 200-day EMAs are on the verge of a bearish crossover. It indicates that the price can continue to face negative sentiments.

HEX coin price gave a breakout from a flag pattern at the $0.0088 level. The price moved and reached the $0.0126 resistance level but failed to close above. Consequently, it experienced a massive fall of over 62% to the $0.0029 support.

The price is getting bullish reactions from the $0.0029 significant demand level at press time. It is moving toward the $0.0077 immediate resistance. However, if the price slips below the $0.0029 demand zone, it may fall sharply to $0.0010.

Moreover, the relative strength index (RSI) showed a bearish divergence from the 60-mark. That indicates the bullish strength has weakened during that session. The RSI is moving at 32.38, far below the signal line.

Summary

The HEX price faced consistent resistance from the $0.0126 supply zone. The price experienced a massive fall of over 62% in the last two sessions from the $0.0138 level. HEX crypto price is currently trading above the $0.0041 demand zone. It got a bullish response from the $0.0029 six-month low-level, which can lead the price to $0.0077 resistance.

Technical Levels

• Resistance Levels: $0.0057 and $0.0077
• Support Levels: $0.0029 and $0.0010

Disclaimer

The views and opinions stated by the author or any people named in this article are for informational purposes only. They do not establish financial, investment, or any other advice. Investing in or trading stocks and crypto comes with a risk of financial loss.