HEX experienced a 9.04% price drop, sitting at $0.001962 with bearish momentum controlling the market. Further downside is evident from technical indicators unless strong support is established soon.
HEX is nearing a critical support zone of $0.00185-$0.00190, which could determine its next move.
HEX Price Action and Market Trend
Since the huge spike in late September and early October, HEX has been on a declining course for the last few weeks. The price is off its recent highs, as red candlesticks show heavy bearish pressure.
If the price drops below the $0.00180–$0.00185 range support zone, further losses are likely to be experienced. The decline follows a period of increased selling pressure, which has overshadowed the earlier bullish sentiment.
Sellers are now in control despite strong price movement earlier, and downward momentum is likely to continue. Traders are concerned with the ongoing downtrend and wait to see if HEX can soon catch a bottom or continue falling. The price, however, without a reversal in momentum, might fall further.
RSI and MACD Signal Bearish Momentum
Current Relative Strength Index (RSI) of HEX is 39.18, indicating bearish momentum. The indicator has been steadily declining from a peak of 75, indicating that the bullish push seen earlier this month has weakened.
1-day HEX trading chart: source TradingView
The RSI is now below 40, and the market is getting closer to being oversold but it still has room to fall before reaching oversold territory.
Moreover, the MACD looks quite bearish as the MACD line is at -0.000064, far below the signal line. Traders should be cautious of further downside risks when MACD widens and RSI comes close to the oversold condition.
On both indicators, there might be more pressure on HEX in the short term unless key support levels are held.
Potential Downside and Key Support Levels to Watch
As HEX plummets, technical signals suggest it could continue to decline. An important level to watch will be the critical support zone around $0.00185 and $0.00190. A break below this area could trigger a new wave of selling, leading to further downside.
If the price does find support at these levels, a bounce could follow, giving traders a short-term buying opportunity. Nevertheless, from a longer perspective, the situation looks bearish, without a clear reversal in momentum.
The MACD and RSI will need to show signs of improvement before any significant recovery can be expected.
Traders and investors should closely monitor HEX for any signs of stabilization or potential bottoming trends. HEX could see more downside pressure without a strong rebound.
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