Hex price is down by almost 8 per cent in today’s trading session. The drop is a reversal of the strong bullish trend that has seen the markets surge by 55 per cent in the past six days.
Since its launch in 2019, Hex has grown to become one of the largest cryptocurrency projects, with a market capitalization of more than $8 billion. Part of the reason for its growth has been its approach to the cryptocurrency market. Unlike other projects that reward users who mine or validate their transactions, Hex rewards token holders. The platform uses the concept of a certificate of deposit (CD), where users who hold their tokens on the platform are rewarded a higher interest rate than other options.
Hex Price Prediction
In the past six days, Hex’s price has enjoyed a strong push to the upside, and by yesterday’s trading session, the prices had surged by 55 per cent. However, in today’s trading session, the trend looks to be changing, with prices already down by almost 8 per cent.
Looking a the chart below, today’s aggressive drop is also looking likely to continue throughout the session. This will likely result in wiping off gains made in the past few trading sessions. Today’s price drop may also be setting up for a continuation of the long-term bearish trend that started on August 14, which had seen prices dropping by more than 50 per cent before the current price surge.
Therefore, in the next few trading sessions, there is a high likelihood that we may see prices dropping further down to hit the $0.035 support level. There is also a high likelihood that the drop will also break the support level to trade below the $0.030 price level.
However, my analysis will be invalidated if the prices trade above today’s opening price of $0.053. At that price level, it will be clear that the Hex bullish move is not yet done.