HEXexperienceda9.04%pricedrop,sittingat$0.001962withbearishmomentumcontrollingthemarket.Furtherdownsideisevidentfromtechnicalindicatorsunlessstrongsupportisestablishedsoon.
HEXisnearingacriticalsupportzoneof$0.00185-$0.00190,whichcoulddetermineitsnextmove.
HEXPriceActionandMarketTrend
SincethehugespikeinlateSeptemberandearlyOctober,HEXhasbeenonadecliningcourseforthelastfewweeks.Thepriceisoffitsrecenthighs,asredcandlesticksshowheavybearishpressure.
Ifthepricedropsbelowthe$0.00180–$0.00185rangesupportzone,furtherlossesarelikelytobeexperienced.Thedeclinefollowsaperiodofincreasedsellingpressure,whichhasovershadowedtheearlierbullishsentiment.
Sellersarenowincontroldespitestrongpricemovementearlier,anddownwardmomentumislikelytocontinue.TradersareconcernedwiththeongoingdowntrendandwaittoseeifHEXcansooncatchabottomorcontinuefalling.Theprice,however,withoutareversalinmomentum,mightfallfurther.
RSIandMACDSignalBearishMomentum
CurrentRelativeStrengthIndex(RSI)ofHEXis39.18,indicatingbearishmomentum.Theindicatorhasbeensteadilydecliningfromapeakof75,indicatingthatthebullishpushseenearlierthismonthhasweakened.
1-dayHEXtradingchart:sourceTradingView
TheRSIisnowbelow40,andthemarketisgettingclosertobeingoversoldbutitstillhasroomtofallbeforereachingoversoldterritory.
Moreover,theMACDlooksquitebearishastheMACDlineisat-0.000064,farbelowthesignalline.TradersshouldbecautiousoffurtherdownsideriskswhenMACDwidensandRSIcomesclosetotheoversoldcondition.
Onbothindicators,theremightbemorepressureonHEXintheshorttermunlesskeysupportlevelsareheld.
PotentialDownsideandKeySupportLevelstoWatch
AsHEXplummets,technicalsignalssuggestitcouldcontinuetodecline.Animportantleveltowatchwillbethecriticalsupportzonearound$0.00185and$0.00190.Abreakbelowthisareacouldtriggeranewwaveofselling,leadingtofurtherdownside.
Ifthepricedoesfindsupportattheselevels,abouncecouldfollow,givingtradersashort-termbuyingopportunity.Nevertheless,fromalongerperspective,thesituationlooksbearish,withoutaclearreversalinmomentum.
TheMACDandRSIwillneedtoshowsignsofimprovementbeforeanysignificantrecoverycanbeexpected.
TradersandinvestorsshouldcloselymonitorHEXforanysignsofstabilizationorpotentialbottomingtrends.HEXcouldseemoredownsidepressurewithoutastrongrebound.
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