The HEX (HEX) price has witnessed massive selling pressure in the wider timeframe. However, buyers have lifted the HEX price from the bottom in the short term.
On 10 March 2024, the price had melted by 63% and lost many support levels. Since then, the bearish momentum has slowed down and underwent a consolidation phase.
The HEX price has formed a falling wedge pattern and triggered a breakout. After the breakout, the HEX crypto price has mounted by 120% in a month. It has extended to the 200-day EMA and is showing weakness. Let’s explore its further momentum.
Can HEX Price Reach the $1 Mark?
T-BIRD (@TheRealTBirdHex) is a cryptocurrency analyst who has shared his analysis of HEX crypto. It is expected to approach the $1 mark this cycle. After strong selling pressure, the price recorded an ATL in August.
However, investors have shown interest and lifted the price by 100% in a month. The buying momentum has halted near the 200-day EMA. Strong buying momentum can be anticipated once it smashes the key moving averages.
Technical Analysis of HEX Price Over Daily Timeframe
When writing, the HEX crypto was trading at $0.00242 which has 1.18% over the last 24 hours. The market capitalization was $1.40 Billion, and the 24-hour training volume was $337.23K, with a gain of 40%.
The chart depicts that the HEX crypto price has departed from the all-time low (ATL) territory. September’s massive gain suggests the investors’ direct involvement.
After the breakout from a falling wedge pattern, the trend has interrupted near the 200-day exponential moving average (EMA). If the digital asset price surpasses the 200-day EMA, it could be a buying signal.
If the trading volume increases at the time of the breakout from the EMA, strong buying momentum can be anticipated. However, the HEX price has the potential to recover past losses. Once it overcomes the $0.00500 hurdle, it may remain bullish for the longer frame.
On the other hand, if the crypto asset price slips below the 20-day EMA, recent buyers might be trapped. Its previous behavior indicates the sellers’ domination. So, the bearish signal in this zone would initiate a new bearish momentum.
Based on the technical indicators, the RSI has generated a death crossover with the RSI-based moving average. It has displayed a bearish divergence which could trigger a bearish momentum for the short term.
The MACD has shown a bearish crossover with the Signal line and the histograms were converting to red. Moreover, the technical indicators are favoring a short-term bearish momentum.
HEX Price Analysis Based on Chart Structure
Based on the technical analysis of HEX price over the daily timeframe, it appears that the cryptocurrency has shown some positive momentum after departing from the all-time low territory and breaking out from a falling wedge pattern.
However, it is currently facing resistance near the 200-day exponential moving average (EMA). If the price surpasses this level, it could signal a buying opportunity, especially if accompanied by increased trading volume.
On the other hand, a drop below the 20-day EMA could indicate further bearish momentum. Additionally, technical indicators such as RSI and MACD are currently favoring a short-term bearish outlook.
