HEX Chart to Flip in 2024?

The price action of the HEX crypto showed that selling pressure was noted on the charts and was in a downtrend, forming lower lows over the past few months. Moreover, due to dropping investor appeal, trading volume was below average. 

Furthermore, the HEX showed a decline in user activity which also reacted as a negative sentiment for the crypto and led to bearishness in the charts.

The enduring trend biases bears and the crypto was also in a corrective phase, making buyers cautious. Moreover, the HEX  trades below the significant moving averages and tries to attain the 200-day EMA to hold the gains.

At the time of writing, the HEX price was trading at  $0.004870 with an intraday gain of 5.31%, bouncing from the lower trendline near the support mark of $0.004411. Moreover, the intraday trading volume increased by 7.19% to $3.28 Million and the market cap is $833.934 Million.

Crypto has performed poorly over the years. Year-to-date, it gave negative returns of 74.31% and 52.19% in the span of 6 months. In the last 1 month, it gave a negative return of 32.99% and grew by 3.31% in the last seven days. Highlighting a long bearish movement persisting till now.

Technical Analysis of HEX Crypto Price in 1-D Time Frame

At the time of publishing, HEX crypto (USD: HEX) is trading above the 50 and 200-day EMAs (Exponential moving averages), which do not support the price trend. 

The MACD line at -0.000444 and the signal line at -0.000441 are below the zero line. A bearish crossover is observed in the MACD indicator which signals more bearishness for the HEX crypto price.

The current value of RSI is 40.49 points. The 14 SMA is below the median line at 40.73 points which indicates that the HEX crypto is bearish.

4 Hour Time Frame Technical Evaluation

On the 4-hour chart, the HEX token price is stuck in a narrow range and did not signal an upcoming rise because of low volume levels. Moreover, a key indicator is still in the neutral range and does not signal bullishness.

The RSI curve is near 46.80, in the neutral range, and showed a narrow consolidation move on the short-term chart. The MACD indicator still showed green bars on the histogram with a bullish crossover but did not signal any substantial upswing.

Summary

HEX (USD: HEX) technical oscillators also support the bearish trend. The MACD, RSI, and EMAs are emphasizing negative signs and imply that the downtrend may continue in the HEX crypto price. HEX price action suggests that the investors and traders are bearish on the 1-D time frame. The price action reflects a bearish outlook at the moment.

Technical Levels

Support Levels: $0.004411.

Resistance Levels: $0.005359.

Disclaimer

This article is for informational purposes only and does not provide any 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 own research before making any financial decisions.

Steefan George is a crypto and blockchain enthusiast, with a remarkable grasp on market and technology. Having a graduate degree in computer science and an MBA in BFSI, he is an excellent technology writer at The Coin Republic. He is passionate about getting a billion of the human population onto Web3. His principle is to write like “explaining to a 6-year old”, so that a layman can learn the potential of, and get benefitted from this revolutionary technology.