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HEX Technical Analysis: Trading Above the Fibonacci Pivot Support Level of $0.37


cryptoknowmics.com 15 September 2021 09:58, UTC
Reading time: ~3 m

The HEX token was launched on the Ethereum network as an ERC-20 token. In traditional financial markets, Certificates of Deposits serve as a store of value, and HEX will serve as its blockchain counterpart. HEX is also designed to leverage the emerging DeFi (Decentralized Finance) ecosystem within the Ethereum network.

The HEX protocol uses Ethereum for the transaction layer (sending and receiving HEX tokens, as well as interacting with the HEX smart contract), while the consensus code and staking mechanism are contained in the HEX smart contract. Let us look at the technical analysis of HEX.

Past Performance

The current price of HEX is $0.39, the price has appreciated 7.33% in the last 24 hours, resulting in an equivalent increase in the market cap of HEX. Besides, HEX traded between $0.36-$0.40 in the last 24 hours.

https://www.tradingview.com/x/7OEgXC7A/

HEX Technical Analysis

Fidelity’s talks on beginning BTC’s ETF has given a push to the entire cryptocurrency market. Similarly, altcoins are also pumping along with bitcoin. We can see another leg of the bull run coming back into the crypto market. We will have to wait and watch to see if it's the last leg or not.

Let us see what the day ahead is going to be:

On the daily chart, the MACD and signal lines are below the zero range. However, the Signal line over the MACD line is forming a bullish crossover. Thus, the overall momentum in the market seems to be holding the grip, and we can expect a price to rise for the day.

However, if selling pressure takes over the selling pressure, we might witness a clear breakdown. Then, the price can test the support at $0.37.

The RSI on the daily chart is near to the equilibrium and is constantly rising after taking support from the 43% mark. Currently, RSI is at a 49.19% mark.  Thus, indicating that the buying pressures are mounting up in the market, and are taking over the selling pressure. Hence, for the rest of the day, we can expect the price to rise, until the RSI is above the support level.

Day-Ahead and Tomorrow

HEX is trading above the Fibonacci pivot support level of $0.37, which has acted as strong support. We can expect a retest at this pivot level, however, if the selling pressure remains the same, the price might break the support to fall more. Here, an opportunity for a short position arises. Traders can keep a target at $0.34 and stop-loss at $0.40.

The price has tested and fallen from the FIB retracement level of $0.40. If the price rises above this FIB extension level in some time, this implies that the price uptrend is strong. In that case, the price upswing is likely to continue tomorrow as well. Then, traders can go long.


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