- Since March, the HEX coin price has been down by 83%, showing the complete domination of bears.
- Bulls have lifted the price to the 20-day exponential moving average.
As per the technical chart of the HEX crypto, the price has witnessed intense selling pressure since the first week of March and has dropped by approximately 80% till now. The HEX price has reached a multi-year low of $0.00140 on March 18, 2024. HEX crypto price is unable to reach the last swing high. Currently, the HEX coin price has stuck in a bearish pattern.
HEX price has been falling by forming lower lows and lower highs for the last few weeks. Buyers seem to need help below the 20-day EMA since March. On March 10, 2024, the HEX coin price dropped by 78% in a few hours. Since then, buyers have lost their momentum, and sellers are dominating.
HEX Crypto Volume vs Price Analysis
The graph of volume and price shows that the trading volume has dropped from $25 million to $200K in a month. Due to the huge change in trading volume, the HEX coin price has witnessed a strong selling pressure of 80%. The change in trading volume may affect the price accordingly.
HEX Coin Social Dominance and Social Volume Analysis
The social dominance and social volume have been constant for the last few months. However, it was pumped recently and again has dropped. The HEX coin price is rising, and the talks about the crypto are increasing on social media, which may turn into a bounceback.
HEX Price Has Formed a Falling Wedge Pattern
The current market price of HEX crypto is $0.00177, with an intraday loss of 1.11%. The market capitalization is $302 million, and the 24-hour trading volume is $229 million, which has decreased by 45%.
The asset price has formed a falling wedge pattern on a daily time frame. Recently, it has triggered a breakout from the trendline and is facing resistance from the 20-day exponential moving average.
Suppose the HEX crypto price starts trading over the 20-day EMA and sustains, the buying momentum can be seen if trading volume and social dominance support. If the price surpasses the $0.00500 hurdle, it may approach the 200-day EMA.
Alternatively, if the digital asset price faces resistance from the 20-day EMA and slips below the recent low, selling pressure can be detected, and a new all-time low can be recorded.
HEX Price Technical Analysis Over 4-H Timeframe
In a 4-H time frame, the HEX crypto price is struggling in a parallel channel. Recently, it has faced resistance from the $0.00220 level and has declined by 17% in a few days. For the last few hours, the price has been taking support on the 20-day EMA, which may help increase buying momentum.
If the buyers show interest, the price may extend to the resistance level of $0.00220 in a few days. On the other hand, if the price slips below the 20-day EMA, sellers may drag the price to the $0.00150 mark.
Conclusion
Based on the technical analysis of HEX crypto, the current trend is bearish. However, there are signs of a potential bounceback as the price has formed a falling wedge pattern, and buyers are taking support on the 20-day EMA. If the price breaks above the 20-day EMA and surpasses the resistance level, buying momentum can be seen. However, selling pressure may increase if the price slips below the recent low, and a new all-time low can be recorded.
Technical Levels
Resistance: $0.00220 & $0.00350
Support: $0.00150 & $0.0120
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.