HEX Price Has Taken A Halt After Declining: Can It Advance Now? HEX Price Has Taken A Halt After Declining: Can It Advance Now?
At press time, the HEX price was trading close to $0.0018, reporting a positive intraday development of 0.43%.
The trend outlook is bearish below all the key exponential moving averages of 20, 50 and 200 day EMA.
The HEX price is falling and stabilizing near the lows after a crash. The trend outlook is negative below all the key exponential moving averages of 20, 50 and 200 day EMA.
The daily chart showcases the formation of several indecisive candlesticks after indicating loss of momentum on the lower side. However, a lack of buying was also observed on the chart which suggests the loss of interest of buyers in HEX crypto at the moment.
However, the top addresses seem to be accumulating crypto as the holdings of the top wallets have increased by 0.26% in the past one month. But for the price to recover, the bulls need to establish at the lower levels and surge the price.
On the higher side, the EMAs may act as a dynamic resistance and entry point for the sellers. Bulls need to surpass the EMAs in order to register a price surge on the charts.
Current price action favors the bears however, the momentum is slow. The HEX price may continue to drop if the bearish pressure increases.
HEX Crypto Volume Analysis
The volume analysis shows that Hex cryptocurrency received nearly 276.84 K USD in volume in the last 24 hours which is nearly 30% less than the previous day’s volume. The live market capitalization of HEX is 319.561 Million USD and ranks 238th in the overall crypto market.
The volume to market capitalization ratio is 0.09% indicating very low volatility in the crypto. It has 173.41 Billion HEX tokens in the circulating supply against a total supply of 633.542 Billion HEX tokens.
Weighted Sentiments Turned Neutral, Can HEX Recover?
The above chart illustrates the current bias of the traders and investors whether it is bullish, bearish or neutral. The chart shows that the overall sentient was neutral to bullish till the first week of March 2024.
However, the price noted a sharp fall in the second week of April and the sentiment's weighted sentiments turned bearish. However, the HEX crypto seems to be stabilizing at the lows after a crash trying to recover. The overall sentiments have tuned to neutral at the moment.
HEX Price May Show gains As Top Addresses Shows Accumulation.
Despite a sharp fall in the HEX crypto, the supply held by the top addresses has not changed much. Instead, the top addresses have increased their holdings in the crypto. As per the data, the top addresses were holding nearly 60.76% of the total supply.
The holdings dropped to 60.55% by the first week of March 2024 indicating a 0.26% decrement. However, the holdings of the top addresses surged back to 60.76% in later weeks of March 2024.
HEX Price Prediction April 2024
On the most bullish observation, The HEX price could rise to a high of $0.0041 by the end of April 2024 suggesting an upside potential of nearly 80%. On the flip side, the most pessimistic prediction of our analysts is for the price to break below the recent support of $0.0016 level after which the price may fall to $0.0004. level.
Conclusion.
HEX cryptocurrency is showing a negative trend, trading below key EMAs of 20, 50 and 200 days. The current market sentiment is indecisive and buying interest has reduced. Top wallet holdings increased slightly, suggesting potential accumulation.
Now, in order to reverse the downtrend, bulls must overcome EMA resistance levels. Currently, bearish trends dominate with low momentum, and a further drop is possible if selling intensifies. Trading volume is down 30%, with a market cap of $319.561 million. The low volume-to-market cap ratio indicates minimal volatility.
Technical levels:
Support levels: $0.0016 and $0.0004
Resistance levels: $0.0041 and $0.0079
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
