HEX price is down 2 per cent in today’s trading session, reversing the strong bullish trend of the past three days that had seen its prices rise by 61 per cent. It has also been in a long-term bearish trend that has seen it lose 47 per cent of its value from the start of June.
What is HEX?
Certificates of deposit are one of the easiest ways people have used to earn a guaranteed interest on their money in the traditional financial sector. People who use certificates of deposit in the traditional financial sector are then required to agree on conditions such as not being able to withdraw their money for a period of one, three, six months or even sometimes ten years. In addition, their funds are government secured, making certificates of deposit much safer than other alternatives. People also earn considerable interest compared to other investments, such as storing money in current accounts.
HEX is the cryptocurrency equivalent of the certificates of deposit in the cryptocurrency industry. It uses the Ethereum network for the transaction layer, which involves sending and receiving HEX coins and the smart contract.
According to its creator, Richard Heart, HEX was the world’s first blockchain certificate of deposit. It allowed users to stake tokens and, in return, they would receive interest on their digital assets. The platform promises interest rates ranging from 3.69 per cent if 99 per cent of the total supply is locked to as high as 369 per cent if only one per cent of the total amount is staked.
HEX Price Prediction
Despite its premise of high-interest rates on invested digital assets, the HEX price has struggled in the market throughout the month. However, in the past three days, an aggressive bullish move saw the prices rise by 61 per cent. On the other hand, the aggressive bearish move also saw the monthly price drop cut from 62 per cent to the current 47 per cent.
However, today’s trading session is looking poised to reverse the gains made in the last three days. The cryptocurrency has fallen by 2%. It has also given signals of another bearish move that could see the prices reverse the recent gains.
Despite the price drop in today’s trading session, I still expect the prices to continue going upwards. The intraday data also shows that the prices have risen by 11 per cent from today’s price lows, moving from trading at $0.037 to the current price of $0.041. Therefore, I expect the prices to hit the $0.048 resistance level and possibly trade above it.
Hex Daily Chart
