The HEX Price Rises as Investors Take Profits
The price of HEX increased by 3% to reach $0.00898, prompting investors to engage in profit-taking after significant gains over the past month. While this gain did not reverse the altcoin’s weekly performance, which remained down by 9.6%, it did contribute to its impressive monthly gain of 148%.
Technical Overview of HEX Price
HEX managed to flip the resistance level at $0.012280 into support within 48 hours. If HEX closes a daily candle above this mark, it could be seen as a bullish development, leading to a capital injection and a potential rise in value to the next barrier at $0.020035 in the short term. In an extremely bullish scenario, HEX’s price may even reach as high as $0.040630 if buyers continue to boost its price following a breakout above the symmetrical triangle chart pattern.
However, if HEX breaks below the immediate support level at $0.007410, the altcoin could drop as low as $0.004760.
Bearish Technical Flags for HEX Price
Technical indicators on HEX’s daily chart support a bearish thesis, suggesting that its value may decrease in the coming days. The daily Relative Strength Index (RSI) indicates that sellers have the majority of strength, with a negative slope indicating that bears are maintaining their dominance. Traders may consider shorting the cryptocurrency based on this information.
The daily Moving Average Convergence Divergence (MACD) indicator also supports the bearish thesis, as it suggests a potential negative trend reversal for HEX. The MACD line is attempting to cross below the MACD Signal line, and the negative gradient of the MACD Histogram indicates a transition to a bearish trend.
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