HEX coin (HEX) Technical Analysis 2021 for Crypto Traders

HEX Coin (HEX) Technical Analysis 2021 for Crypto Traders

In HEX Coin (HEX) Technical Analysis 2021, we use past statistics, price patterns, RSI, and much other information about HEX to analyze the future movement of the cryptocurrency. 

HEX is an ERC20 Ethereum token. It is intended to be used as a store of value to replace certificates of Deposit as a blockchain simulation of this financial product used in traditional financial markets. The aims is to take advantage of the DeFi (Decentralised Finance) emerging cryptocurrency ecosystem on the Ethereum network.

HEX uses the Ethereum network as the transaction layer (sending and receiving HEX tokens and interacting with HEX smart contracts), while the consensus code and staking mechanism are included in the HEX smart contract.

It allows users to stake their HEX coins on recently issued HEX coins or a small portion of inflation, and includes functions to stimulate behaviors that encourage price increases and prevent behaviors that cause prices to fall. Completing stake early and rewards you for making HEX stake for a longer period of time.

HEX Coin (HEX) Current Market Status

According to CoinGecko, the HEX price is trading at $0.08 with a 24-hour trading volume of $58,165,640, at the time of writing. However, HEX has decreased by 9% in the last 24 hours. Currently, HEX trades in  HitBTC, Bitcoin.com Exchange, XT.COM, Bidesk, and BitMart.

HEX Coin (HEX) Technical Analysis 2021 

The recent development and upgrades might push HEX Coin (HEX) to reach new heights. Now, let’s deep dive into the HEX technical analysis 2021. The weekly time frame chart of HEX (HEX) is shown below.

HEX /USDT Higher High and Higher Low Pattern (Source: Tradingview)

The above chart shows a pattern of higher highs and higher lows. Higher highs and higher lows represent an upward trend, and the value of tokens generally increases. As shown in the figure above, HEX changed from a bearish to bullish trend at the beginning of this period. This is a result of the huge trading volume that occurred during this period.

Consolidation is a phase in which stocks or indexes are traded within a certain range. The trend is said to be sideways and can change according to the situation. Once this range is broken, it will cause greater movement, but until the range is intact, the movement cannot be clearly predicted.

HEX Coin (HEX) RSI, RVOL, and MA

The below chart shows the Relative Volume (RVOL) of HEX. Generally, Relative trading volume is a trading indicator, which is mainly used by day traders and compares the current trading volume with the usual trading volume in the past. Notably, in the months of January and March, it is found that the RVOL stays two times above the cut-off line making a Higher RVOL. From April month to till at the time of writing, the RVOL stays below the cut-off line which indicates the Lower RVOL.

HEX RVOL(Source: TradingView)

Now let’s look at the relative strength index (RSI) of HEX. As shown in the below chart, RSI remains at 74. This shows that HEX’s price is in an overbought state. However, this indicates that traders can trade without any fear. 

HEX RSI (Source: TradingView)

HEX’s Moving Average (MA) and Exponential Moving Average (EMA) as shown in the chart below. MA is also part of technical analysis that helps traders find trends.While EMA is a type of moving average.

HEX 30-day SMA and 50-day EMA (Source: TradingView)

From the beginning of 2021, it is clear that the HEX price has shown many bullish patterns. Furthermore, taking all these into account, HEX could have a competitive market in 2021.

Conclusion

With the ongoing developments and upgrades that are taking place within the HEX platform. The cryptocurrency HEX has a fantastic future ahead in this crypto market. However, it is possible to see HEX reaching new heights.

Bullish HEX price prediction 2021 is $0.16. As said above, it may reach great heights, however reaching $0.58, if investors have decided that HEX is a good investment in 2021.

FAQ

What is HEX?

HEX is the first deposit certificate on the blockchain. It is actually a time deposit that generates interest. HEX is an ERC20 token running on the Ethereum network. Its native coin is HEX.

Where can you purchase HEX?

HEX is listed on many cryptocurrency exchanges that include HitBTC, Bitcoin.com Exchange, XT.COM, Bidesk, and BitMart. It is available for trading against crypto fiat coins, stablecoins, and other cryptocurrencies.

Will HEX reach a new ATH soon?

With the ongoing developments and upgrades within the HEX platform, it has the high possibility of reaching its ATH soon.

Disclaimer: The opinion expressed in this chart solely author’s. It does not interpreted as investment advice. TheNewsCrypto team encourages all to do their own research before investing.

Monisha is a Senior Programmer in the Automotive Embedded domain. Her interest in the cryptocurrency field made her write about crypto and blockchain-related news.