- The HEX token price has given a breakout from a bullish flag pattern at the $0.008802 level.
- The technical indicators summary suggests sell signals in the current trading phase.
Launched on December 2, 2019, HEX is an ERC20 token on the Ethereum network. It is designed to replace the certificate of deposit with a store of value. HEX also leverages the emerging decentralized finance (DeFi) ecosystem in cryptocurrencies within the Ethereum network. The HEX maximum annual inflation is designed to be 3.69% after the first year of launch.
HEX Token has Delivered 540% Returns in the Last Six Months
The HEX token price experienced an increase of 540.23% during the six-month trading session. However, the current year-to-date return is around 40%, and 0.85% in the last month. The token price reflects a positive attitude in the current trading phase.
The HEX token price witnessed a 330% jump from the $0.002903 support level in October 2023. The price reached the $0.011850 resistance level by forming impulsive bullish candles. That rally made a positive change in the market sentiments.
Conversely, crypto traders intrigued by this upsurge placed their orders in the extreme demand zone at the $0.004109 level. The HEX token price formed a descending channel from the $0.011850 resistance level.
However, the bullish reinforcement from the $0.004109 support level broke the descending channel lately. Once again, the price reached $0.011850 resistance and completed the buyers’ target. Now, the price is showing uncertainty.
Technical Analysis of the HEX Token Price
The HEX token price faced resistance multiple times from the 200-day EMA, reflecting selling pressure at that level. The current price is moving in between the 50-day and the 200-day EMAs, indicating uncertainty in the HEX token price.
According to price action, the HEX token price has given a breakout from a bullish flag pattern at the $0.008802 level. But again, it faced resistance from the $0.011850 resistance level. The current price has failed to sustain above the breakout level.
The price is consolidating between the $0.011850 and the $0.007175 level. Bears are maintaining strong resistance over the $0.011850 level. So, if the price breaks above that resistance, the continuation of the trend can be expected to be at the $0.016625 level.
Furthermore, the relative strength index (RSI) has shown an internal bearish divergence in the price momentum. It indicates the sellers have more dominance in the current trading phase. The RSI is sloping at 46.89 below the middle band.
Conclusion
The HEX token price has been performing in a bullish trend since October 2023. Recently, it gave a breakout from a bullish flag pattern and is retesting the breakout level. However, the RSI is reflecting an internal bearish divergence. The HEX token price is moving toward the demand level of $0.007779. A short-term fall can occur if the price breaks below the $0.007175 level. And to continue the trend, the price should close above the $0.011850 resistance.
Technical Levels
- Resistance Levels: $0.011850 and $0.016625
- Support Levels: $0.007175 and $0.002903
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 stocks comes with a risk of financial loss.