HEX (HEX) price displayed a sharp reversal at the beginning of October and has dropped by 42%. Additionally, the HEX price has slipped below the key moving averages. This demonstrated the sellers’ dominance.
Recently, it has lost the previous support level of $0.00210. The token fell toward the major support level of $0.00100.
However, the HEX crypto has formed 3 strong bullish marubozu candlesticks. It attempted to lift the price. Sellers were strong enough and kept their dominance. Let’s see if buyers could bounce back or if a new all-time low (ATL) is coming.
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Technical Analysis of HEX Price Over 1-D Timeframe
When writing, the HEX price was trading at $0.001877 with an intraday gain of 6.18%. The market capitalization was $1.05 Billion. The technical chart suggested that the token’s price has dropped by 81.66% over a year.
In September, the HEX crypto gained around 226% by exceeding the 200-day exponential moving average (EMA). However, around 170% of gains were wiped out in October, with a sharp bearish move.
The price has displayed bullish momentum on a suitable support level of $0.00170, which could invite buyers. If buyers show interest, the price may extend to the 200-day EMA.
Strong buying momentum can be seen once the HEX price trades over the key moving averages. A loss recovery momentum is evident if the trading volume backs it up.
Conversely, if the digital asset price slips below the $0.00170 mark, it may melt to the major support level of $0.00100. Sellers may look for a new ATL if the price starts trading below the $0.00100 level.
Based on the technical indicators, the MACD and the Signal line have dropped below the Zero line. The histograms have turned deep red for a longer time. That could boost the bearish trend. RSI stayed below the RSI-based moving average and headed for the oversold zone.
Bullish Divergence in Short-term
In a 4-H time frame, the RSI has generated a strong bullish divergence. Additionally, the HEX crypto has formed three consecutive bullish candlesticks with a gain of 5.86%. If the price surpasses the 20-day EMA, it could approach the 200-day EMA.
A strong buying momentum can be seen if the digital asset price overcomes the 200-day ENA. A V-shaped recovery can be anticipated if buyers show interest in the RSI bullish divergence.
HEX Price Prediction According to Technical Chart
HEX price faced significant challenges in October. It experienced a sharp decline of 42% and a 26% drop within a week. The loss of key support levels suggests strong seller dominance, raising concerns about further declines.
However, the formation of bullish candlesticks indicated the potential for a reversal if buyers can regain momentum. The technical indicators painted a mixed picture. While bullish signs exist at crucial support levels, ongoing bearish trends and low trading volume could lead to new lows.
The upcoming trading sessions will be critical in determining whether HEX can rebound or continue its downward trajectory.
