Is HEX Ready For a Selloff Below $0.009000?

HEX token price persisted in facing rejections from the crucial hurdle of $0.01200, the supply zone. Despite the bulls’ efforts, buyers could not manage to strike or clear the zone and faced rejections multiple times which implies a strong bearish grip. The token has tested the zone over 3 times with the same result each time. Amid the market surge, the token has yet to deliver bullishness.

HEX price is trading near the make-or-break region of $0.009060, close to the 50-Day EMA. It was clearly under selling pressure in the past few sessions. The token may face a selloff below $0.008500 and will retest the support zone of $0.007500 shortly. Buyers faced difficulty in handling gains near the supply zone.

The HEX token price was $0.009079 at press time, with an intraday drop of 10.26%  reflecting bearishness on the charts. Moreover, the trading volume increased by 82.78% to $1.68 Million showing distribution. The pair of HEX/BTC is at 0.000000170 BTC, and the market cap is $3.01 Billion. Analysts are neutral and suggest that the token may face a breakdown below its key support of $0.008000 in the upcoming sessions.

HEX On Daily Charts Displays Rejection From Supply Zone

On the daily charts, the token could not have triggered the buying momentum above the supply zone of $0.012000 which it is yet to cross. Despite the bounceback from the support zone of $0.007500, the token capped the upper range and hovered below the round mark of $0.01000 over the past few weeks. Until the supply zone of $0.01200 is not breached, the sell-on-rise trend will be active. Conversely, if HEX breaches the key support zone of $0.007500, sellers will gain an edge and will redirect the token toward $0.006500.

The RSI curve remained below the midline and is showing a negative divergence, reflecting bearishness. Similarly, the MACD indicator shows a bearish crossover and formed red bars on the histogram, suggesting further selloff in the coming sessions.

HEX On Weekly Charts Reveals Triple Top Formation

On the weekly charts, the token was hovering in a range and formed multiple tops, but failed to crack the zone, which highlights seller presence. Additionally, the trend is favoring the bears and the token may be dragged toward $0.007500 soon.

Summary

HEX price action reveals rejection from the highs of $0.01100 despite significant attempts in the past few weeks. The trend is negative and the price could decline below $0.008500 which could subsequently trigger a selloff in the coming sessions.

Technical Levels

Support Levels: $0.008500 and $0.008200

Resistance Levels:$0.009300 and $0.01000

Disclaimer

The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto or stocks comes with a risk of financial loss.

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.