HEX (HEX) crypto price has traded bullish and bounced back sharply since 12 September. That increased the prospect of an eventual breakout. The HEX price must surpass the prompt 200-day EMA level for the bullish structure to remain intact. It was close to $0.003000 at press time.
How the HEX Price Has Performed Recently?
The HEX price was capped inside a range for the past few months. Once consolidation occurred, it led to the Bollinger band squeeze.
Last week, the HEX crypto attempted a range breakout and escaped out of the range. It resulted in a sharp upsurge of over 110% in the past ten days.
HEX’s recent surge has sparked discussion about the longevity of this upward move. Fueled by the improved market sentiment, a sharp volume-based buying activity took place. It increased the altcoin’s price.
HEX crypto noticed a triple-digit surge within the past ten days, indicating an investor speculative move and a rally looming. Check this analysis for accurate HEX price prediction.
HEX Price Prediction: Is $0.003000 Breakout Next?
The daily chart saw a massive range breakout. Consequently, the altcoin skyrocketed with a triple-digit surge of over 100%, which trapped the bear cartel.
Amid the surge, the HEX price crossed the 20-day, 50-day, and 100-day EMA levels. It was eyeing to break the 200-day EMA level to unlock further upswings in the coming sessions.
At press time, the HEX crypto was trading at $0.002435 with an intraday drop of over 2.20%, replicating a slight decline over the past 24 hours. It boasted a market cap of $855.06 Million and had a circulating supply of 348.49 Billion.
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The Relative Strength Index (RSI) is a widely used momentum indicator, showing bullish momentum for the HEX price. It had a reading of 71 at press time and was sailing in the overbought zone.
A higher RSI often signals increased buying pressure. The bulls will drive the surge if the RSI remains soaring.
@MatiAllin, in his tweet, said that HEX has made a W pattern and triggered a sharp recovery. In recent sessions, the altcoin has gained 26% daily and 17% on the hourly chart.
Going forward, the price action suggests that buyers have maintained their upper hand. They look set to surpass the next barrier of $0.0300 in the coming sessions.
What Do On-Chain Metrics Say?
The recent surge in HEX price was closely linked to the rising investor’s confidence, depicted by a spike in the daily active addresses.
Since 12 September, a substantial incremental move in the new addresses’ data has taken place. It indicated that inventors were gaining interest and anticipating further up-move in the coming sessions.
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Similarly, the rising velocity meant that the number of times HEX was transferred had increased rapidly, which denoted investor speculation.
HEX price’s recent 110% rise has carried the altcoin beyond $0.002200, and a bullish crossover was spotted on the chart. Additionally, the altcoin has crossed the 50% Fib level and was inching closer to the 61.8% level.
The immediate support zones of the HEX price were $0.002270 and $0.002000, whereas the upside hurdles were around $0.002800 and $0.003000 to keep an eye out for the following sessions.
