- HEX coin has surged massively by over 121% in one month.
- The coin’s price has recently given a breakout of the descending triangle pattern.
- The current market price of the HEX coin is $0.007700
The HEX coin was launched by Richard Heart in December 2019. In the initial phase of trading, the coin price has shown a great upward move as it surged by over 14000%. It is considered a massive return for an investor as the investment amount had grown 14 times in a short period.
In September 2021, the HEX coin price took a halt in its upward move and made a high of $0.563680 on 19 September 2019. The bulls were able to hold the price there for a month, but soon the bears snatched control of the price. Since then, the price has been continuously declining on every rise and giving no relief to the bulls.
In 2023, the bulls started the year with a bang and were able to surge the coin price by over 600%. However, this rise also didn’t last long and the bears re-entered the game and punished the bulls. The coin is trading at a discount of over 93% from the yearly high levels.
An Outlook of the HEX Coin Chart
The HEX coin price has recently broken the descending triangle pattern and the coin price has reacted positively to this movement. It jumped by over 300% in just nine days in October 2023. However, the bears present at a higher level provide some liquidity to the price and it is now up by 121% in a month.
The coin price has faced a strong rejection near the previous swing high level of $0.011957. This level can provide resistance in the future. Apart from this, the other resistance level for the price is present at $0.017911. On the other hand, $0.002707 can provide some support to the price and it can show some pullback from there.
A Short Overview of the Bollinger Band and Relative Strength Index
The HEX coin price has shown a massive upside after it closed above the upper band of the Bollinger Band. However, after facing a rejection from the resistance, the coin price closed inside the Bollinger Band, which indicates some bearishness. The relative strength index (RSI) has gone above the 80 level, which indicates a highly overbought condition. The coin price respects the RSI signal and is now cooling off the highly stretched price.
Conclusion
As we have discussed above, the HEX coin price has shown a very strong bullish momentum on the upside and now, a correction phase can be expected. It has slightly slid from the upper levels and formed red candles for the past 3 days. However, the bears are losing strength now as the size of the candles has decreased in the past two days. The coin price can try to regain the higher levels in the future.
Technical Level
Resistance – $0.011957 and $0.071911
Support – $0.002707 and $0.001273
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 other advice. Investing in or trading crypto assets comes with a risk of financial loss.