HEX Coin Price Prediction 2021 – Will HEX Hit $0.5 Soon?

HEX Coin Price Prediction 2021 - Will HEX Hit $0.5 Soon?
  • Bullish HEX price prediction ranges from $0.19 to 0.35
  • HEX price might also reach $0.5 soon.
  • HEX bearish market price prediction for 2021 is $0.58.

In HEX coin price prediction 2021, we use statistics, price patterns, RSI, and much other information about HEX to analyze the future movement of the cryptocurrency. 

HEX is an ERC20 Ethereum token. HEX 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. HEX also aims to take advantage of the DeFi (Decentralised Finance) emerging cryptocurrency ecosystem on the Ethereum network.

HEX 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.

According to CoinGecko, the HEX coin price is trading at $0.07 with a 24-hour trading volume of $73,473,134, at the time of writing. However, HEX has decreased by 14.6% in the last 24 hours.

Currently, HEX trades in cryptocurrency exchanges such as HitBTC, Bitcoin.com Exchange, XT.COM, Bidesk, and BitMart.

HEX Coin Price Prediction 2021

HEX price prediction 2021 explained below in two time frames. 

Weekly Time Frame

The weekly time frame chart of the pattern of HEX coin (HEX) is shown below. 

HEX/USDT Price Chart Weekly Time Frame (Source: TradingView)

The above chart shows the “consolidation phase” that began in April 2020, in that tokens have traded in a certain range ($0.002 – $0.005) and then price breached the resistance level in mid Oct-2020. Following this breakout in a week, the price dropped to the previous support level ($0.002). 

Afterward, the signal gives a pullback movement with confirmation of the Dragonfly Doji pattern and the token price is continuously going on a Higher High and Higher Low pattern. This pattern represents 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.

Currently, the price of the HEX coin reached a Higher high ($0.09) and there is a chance to retest the price at the $0.05 level. So, traders can use this support level to buy the HEX coin and fix the target to hold up to $0.19.

Daily Time Frame

The daily time frame chart of the pattern of HEX coin (HEX) is shown below. 

HEX/USDT Price Chart Daily Time Frame (Source: TradingView)

The above chart shows the Swing High and Swing Low trend patterns. Generally, A Swing low is when the prices fall and is followed by two consecutive higher lows. Similarly, a swing high is when the price makes a high and then makes two lower highs.

In the daily time frame chart,  the price of the HEX reached a Swing High level ( $0.098) and then started to fall. So according to this pattern, we can expect the price to fall at the $0.056 level, and then the price may give some pullback at the support level. 

Accumulate at the $0.056 -0.059 level it will reach the target of $0.14 – $0.19.

HEX Support and Resistance Level

The below chart shows the support and resistance level of HEX.

HEX/USDT Support and Resistance Level (Source: TradingView)

From the above two time frames, it is clear the following are the resistance and support level of HEX.

Resistance Level 1$0.35
Resistance Level 2$0.23
Resistance Level 3$0.15
Resistance Level 4$0.10
Support Level 1$0.07
Support Level 2$0.05
Support Level 3$0.03
Support Level 7$0.01
Resistance & Support Levels

All-in-all, from the charts above it is clear that HEX’s bearish trend continues and it is possible to turnover and reach great heights. Moreover, the charts show that HEX has performed a bullish trend over the past month. If this trend continues, HEX might run along with the bulls overtaking its resistance level at $0.35.

Conversely, if the investors turn against the crypto, the price of HEX might plummet to almost $0.01, a bearish signal.

HEX Coin (HEX) Average Directional Index (ADX)

Now let’s look at the average directional index (ADX) of HEX. Generally, the Average Direction Index (ADX) helps traders determine the strength of a trend, rather than its actual direction. It can be used to determine whether the market is changing or a new trend is starting. It is associated with the Directional Movement Index (DMI) and basically includes the ADX line. 

The range of the oscillator is from 0 to 100. A high value indicates a strong trend, and a low value indicates a weak trend. It is often combined with directional indicators. 

HEX/USDT ADX(Source: TradingView)

The above chart shows the ADX of HEX stays above the range of 25, so it indicates a strong trend that is on the sell side.

Conclusion

The HEX is one of the cryptos that keeps its ground against the bearish market. Furthermore, our long-term HEX price prediction 2021 is bullish. It has a huge possibility of overtaking its current all-time-high (ATH) of $0.09 this year. However, this will only happen if it breaks many past psychological resistances.

Furthermore, with the ongoing developments and upgrades within the HEX ecosystem, it could experience a great future ahead in 2021. It may reach 0.35 soon and it might even reach high heights, however reaching $0.5, if investors have planned that HEX is a good investment in 2021.

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.

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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.