Hex Price Forecast: HEX Rises Another 3% But This Bitcoin Derivative Is The Talk Of The Town

On Oct 31, 2023

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The HEX price rose 3% to trade at $0.00898 as of 4:40 am EST as investors engaged in profit-taking activity after steep gains over the past month.

This latest 24-hour gain was not enough to flip the altcoin’s weekly performance, which remained in the red zone at 9.6% down. It did, however, add to the altcoin’s remarkable monthly gain, which was nudged to 148%.

Hex Price Technical Overview

Daily chart for HEX/USDT (Source: TradingView)

A symmetrical triangle pattern that has formed on HEX’s daily chart suggests that the cryptocurrency’s price may breakout in the next few days. If this pattern plays out, it could lead to the altcoin escaping the consolidation phase it has been stuck in for the past week.

A move towards the upside may lead to HEX flipping the resistance level at $0.012280 into support within the following 48 hours. Traders may then identify HEX closing a daily candle above this mark as a bullish development, which could lead to a capital injection for HEX. This could then propel the cryptocurrency’s value to the subsequent barrier at $0.020035 in the short term. In an extremely bullish scenario, HEX’s price may rise to as high as $0.040630 if buyers continue to boost its price in the month following a potential break above the symmetrical triangle chart pattern.

This bullish thesis may be invalidated should HEX break below the immediate support level at $0.007410 in the next few days. In this more bearish scenario, the altcoin could be at risk of dropping to as low as $0.004760.

Bearish Technical Flags For Hex Price

Investors and traders will want to note that technical indicators on HEX’s daily chart supported a bearish thesis, which may suggest that its value will drop in the next couple of days. The daily Relative Strength Index (RSI) indicator signaled that sellers had the majority of the strength on HEX’s daily chart. With the negative slope of the RSI line suggesting that bears were maintaining their strength, traders may want to consider shorting the cryptocurrency in the next few days.

Adding credence to the bearish thesis is the daily Moving Average Convergence Divergence (MACD) indicator. HEX’s trend may undergo a negative trend reversal soon, given the fact that the MACD line was attempting to cross below the MACD Signal line. The negative gradient of the MACD Histogram also suggested that HEX’s trend was slowly transitioning to bearish.

As traders await the confirmation of HEX’s breakout, Bitcoin Minetrix (BTCMTX) is rapidly amassing interest from investors and is perfectly positioned to ride off of the hype surrounding Bitcoin (BTC).

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Anyone looking to get started mining with Bitcoin Minetrix can start earning by simply purchasing the project’s native token, BTCMTX. The token is currently selling for $0.0113, and can be bought using either Ether (ETH), Tether (USDT) or a bank card on Bitcoin Minetrix’s website.

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BTCMTX Set to Skyrocket Along With BTC

BTC will soon become harder to come by as the next halving event is expected to take place in April 2024. This will slash the mining rewards paid to miners in half, which will make it more difficult to introduce more BTC into circulation.

With Bitcoin Minetrix, users will be able to participate in cloud mining without having to worry about the complexities of maintaining the physical hardware. Anyone looking to start earning with Bitcoin Minetrix may want to purchase BTCMTX before the token’s next price increase and BTC mining rewards get cut in half by the Bitcoin network.

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