Could HEX Price Break the Downtrend & Rise?

HEX stands as an ERC20 token introduced on the Ethereum network to serve as a value store, intended to replace traditional financial products like Certificates of Deposit in the blockchain realm. 

Positioned within Ethereum’s burgeoning DeFi (Decentralized Finance) ecosystem, HEX utilizes the network for transactions and relies on its smart contract for consensus and staking mechanisms.

In practical terms, HEX allows users to stake their HEX coins, earning a portion of the new HEX coin issuance or inflation. The HEX smart contract is designed to foster behaviors that drive price appreciation while discouraging actions that could harm its value. Stakers face penalties for prematurely ending their stakes but are rewarded for staking larger amounts for extended durations.

As a high-yield savings account, HEX enables users to earn interest on their holdings by staking tokens for particular periods. The time of the stake influences the interest rate, uplifting longer-term commitments. 

Furthermore, HEX is promptly traded on many cryptocurrency exchanges, allowing users to buy and sell the token availing other cryptocurrencies or fiat currencies. It’s pivotal to accept the innate risks linked with investing in HEX or any cryptocurrency, highlighting the significance of conducting in-depth analysis and due diligence before making capital budgeting decisions.

HEX Price Shows Bearish Price Action, Can this Trend Change?

The HEX crypto chart is showing bearishness as it declines below all the major trend EMAs amid a surge in selling volume.

The HEX crypto asset is in a bearish trend and the RSI is moving lower, suggesting that the asset is not oversold and can maintain its downward direction.

The HEX price is expressing very strong bearish behavior and shows that it has the opportunity to fall further. Also, it has attained bad performance in the last week, and last month, by 20.29% and 6.01% respectively, implying a stable downward direction from a very long time on the chart.

Furthermore, at the time of publishing, the current market shows a 24-hour intraday decline of 2.09% and the HEX current market price is $0.004411. Therefore, if the HEX crypto price fails to stay above the $0.004200 level, it could decline further.

But on the flip side, if the demand for the remains high, the HEX crypto asset could thrust upwards from the current level. Then, the next goal for the HEX price is to reach $0.006000.

Summary

The HEX crypto asset is showing bearishness and falling potential more as it declines below all the major trend EMAs amid a surge in selling pressure.

Therefore, if the HEX crypto price fails to stay above the $0.004200 level, it could decline further. Moreover, the technical parameters of the HEX price suggest the continuation of the downtrend over the daily time frame chart. 

Technical Levels

Support Levels: $0.004200

Resistance Levels: $0.006000

Disclaimer

In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.

Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.