- The HEX price is trading below the six-month low at $0.00243.
- Technical indicators summary reflected a negative signal in the current phase.
- The trading volume has declined by 0.36% in the last 24 hours.
Launched on December 2, 2019, HEX (HEX) is designed to be a store of value to replace the certificate of deposit. It is an ERC-20 token launched on the Ethereum network. HEX leverages the emerging decentralized finance (DeFi) ecosystem within the Ethereum network. It uses the Ethereum network for the transaction layer. The consensus code and staking mechanism are stored in the HEX smart contract.
HEX Reflected a Massive Decline in a Month
On January 7, 2024, the HEX crypto price got a strong bullish response from the $0.00410 bullish point of interest (POI). The price surged over 200% by forming impulsive bullish candles. However, the price faced resistance from $0.01185.
Subsequently, the price consolidated below the $0.01265 major supply zone. However, the buyers didn’t show enough strength to break above that level; instead, they exited long positions. It resulted in a massive fall of 80% to the $0.00290 six-month low price.
The HEX has a total supply of 633 Billion tokens; the maximum supply is unknown. It made this cryptocurrency an inflationary currency model. The circulation supply of tokens is at 173 Billion, which holds the current market capitalization of $418 Million.
Price to Volume and Social Dominance Analysis
The HEX token price has experienced a massive decline in the current phase. The volume also declined to $1.23 Million, reflecting negative sentiments. However, social dominance is increasing to 0.317% at the current time.
In addition, the volume-to-market capitalization ratio (VMR) has dropped to 0.30%. It makes the cryptocurrency challenging to trade. 24-hour trading volume is at $1.22 Million, ranked 1151st out of all 9,127 active cryptocurrencies.
Technical Analysis of the HEX Token
The price consolidated between the 50-day and the 200-day EMAs after the impulsive bullish move in early January 2024. However, the 200-day EMA has played the role of a dynamic resistance, which prevented the breakout of the $0.012265 resistance level.
HEX token price witnessed tremendous selling on March 10, 2024. The price lost nearly 80% of its value and fell below the $0.00290 extreme support level. The current price is retesting the $0.00290 breakdown level. If the price closes below $0.00159, it is expected to fall to $0.00100.
Furthermore, the relative strength index (RSI) reflected a strong bearish divergence in the momentum. The RSI is moving below the 30-mark lower band in the oversold region.
Summary
The HEX token is a store of value for the cryptocurrencies. It is an ERC-20 token that uses the Ethereum network for the transaction layer. The current token price is facing tremendous selling pressure. It has given a breakdown of the $0.00290 six-month low. The price is currently retesting the breakdown level and is expected to drop to the $0.00100 level.
Technical Levels
- Resistance Levels: $0.00410 and $0.00717
- Support Levels: $0.00159 and $0.00100
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 crypto or stock comes with a risk of financial loss.