Can HEX Price Reach the $1 Mark?

T-BIRD (@TheRealTBirdHex) is a cryptocurrency analyst who has shared his analysis of HEX crypto. It is expected to approach the $1 mark this cycle.

The HEX (HEX) price encountered significant selling pressure over a broader timeframe. Despite the downtrend, buyers have intervened to lift the HEX price from recent lows in the shorter duration.

On March 10, 2024, the HEX price encountered a 63% decline, losing several support levels. Following this sharp drop, the bearish momentum slowed, and the price entered a consolidation phase.

A falling wedge pattern emerged on the HEX price chart, indicating a potential breakout. After breaking out from this pattern, the HEX crypto price soared by 120% within a month. This rally pushed the price to the 200-day EMA, where it encountered some resistance.

A cryptocurrency analyst known as T-BIRD (@TheRealTBirdHex) shared his analysis on HEX crypto, suggesting that it could approach the $1 mark this cycle. After facing strong selling pressure, the price recorded an ATL in August.

If $HEX hits above $1 this cycle, I'll rest easy knowing that my indefatigable work over the last 4 years is done.

And all those who truly gave the love and respect I will reciprocate 100 fold. And those who did not get to lament on what could've been.

I am an agent of… pic.twitter.com/vMJFM8zbie

However, buyers showed interest and lifted the price by 100% in a month, and the buying momentum halted near the 200-day EMA. Once the price breaks through this key moving average, it could indicate a buying opportunity.

Technical Analysis of HEX Price Over Daily Timeframe

At the time of writing, HEX crypto was trading at $0.00242, showing a 1.18% gain over the last 24 hours. The market capitalization was $1.40 Billion, and the 24-hour trading volume was $337.23K, with a 40% increase.

The daily technical chart of HEX crypto highlights the cryptocurrency's departure from the all-time low (ATL) territory. A strong buying wave emerged in September, indicating investors' direct involvement in the price upliftment.

After breaking out from a falling wedge pattern, the trend encountered resistance near the 200-day exponential moving average (EMA). If the digital asset price surpasses this 200-day EMA, it could signal a buying opportunity.

If the trading volume surges at the time of the EMA breakout, it could indicate strong buying momentum. However, the HEX price has the potential to continue recovering from recent lows. Once it manages to cross the $0.00500 hurdle, it may continue its bullish momentum over a longer timeframe.

On the other hand, if the crypto asset price drops below the 20-day EMA, recent buyers might get trapped. Its previous behavior indicates the sellers’ domination. So, a bearish signal in this zone would initiate a new bearish momentum.

As for technical indicators, the RSI has generated a death crossover with the RSI-based moving average, displaying a bearish divergence. This divergence could trigger a bearish momentum in the shorter duration.

The MACD has shown a bearish crossover with the Signal line, and the histograms were converting to red. Moreover, the technical indicators are favoring a short-term bearish momentum.

HEX Price Analysis Based on Chart Structure

The technical analysis of HEX price over the daily timeframe suggests that the cryptocurrency encountered some positive momentum after departing from the all-time low territory and breaking out from a falling wedge pattern.

However, it is currently facing resistance near the 200-day exponential moving average (EMA). If the price surpasses this level, it could signal a buying opportunity, especially if accompanied by increased trading volume.

On the other hand, a drop below the 20-day EMA could indicate further bearish momentum. Additionally, technical indicators such as RSI and MACD are currently favoring a short-term bearish outlook.