HEX Price Riding High: Is A Bull Rally Looming Beyond $0.03000

HEX (HEX) crypto price has traded bullish and bounced back sharply since 12 September. That increased the prospect of an eventual breakout. The HEX price must surpass the prompt 200-day EMA level for the bullish structure to remain intact. It was close to $0.003000 at press time.

How the HEX Price Has Performed Recently?

The HEX price was capped inside a range for the past few months. Once consolidation occurred, it led to the Bollinger band squeeze.

Last week, the HEX crypto attempted a range breakout and escaped out of the range. It resulted in a sharp upsurge of over 110% in the past ten days.

HEX’s recent surge has sparked discussion about the longevity of this upward move. Fueled by the improved market sentiment, a sharp volume-based buying activity took place. It increased the altcoin’s price.

HEX crypto noticed a triple-digit surge within the past ten days, indicating an investor speculative move and a rally looming. Check this analysis for accurate HEX price prediction.

HEX Price Prediction: Is $0.003000 Breakout Next?

The daily chart saw a massive range breakout. Consequently, the altcoin skyrocketed with a triple-digit surge of over 100%, which trapped the bear cartel.

Amid the surge, the HEX price crossed the 20-day, 50-day, and 100-day EMA levels. It was eyeing to break the 200-day EMA level to unlock further upswings in the coming sessions.

At press time, the HEX crypto was trading at $0.002435 with an intraday drop of over 2.20%, replicating a slight decline over the past 24 hours. It boasted a market cap of $855.06 Million and had a circulating supply of 348.49 Billion.

****

The Relative Strength Index (RSI) is a widely used momentum indicator, showing bullish momentum for the HEX price. It had a reading of 71 at press time and was sailing in the overbought zone.

A higher RSI often signals increased buying pressure. The bulls will drive the surge if the RSI remains soaring.

@MatiAllin, in his tweet, said that HEX has made a W pattern and triggered a sharp recovery. In recent sessions, the altcoin has gained 26% daily and 17% on the hourly chart.

HEX is going nuts! Up 17% on the hour, +26% on the daily. Perfect “W” pattern. Let’s go! pic.twitter.com/c52zB9lXrZ

— Mati ALLin (@MatiAllin) September 19, 2024

Going forward, the price action suggests that buyers have maintained their upper hand. They look set to surpass the next barrier of $0.0300 in the coming sessions.

What Do On-Chain Metrics Say?

The recent surge in HEX price was closely linked to the rising investor’s confidence, depicted by a spike in the daily active addresses.

Since 12 September, a substantial incremental move in the new addresses’ data has taken place. It indicated that inventors were gaining interest and anticipating further up-move in the coming sessions.

****

Similarly, the rising velocity meant that the number of times HEX was transferred had increased rapidly, which denoted investor speculation.

HEX price’s recent 110% rise has carried the altcoin beyond $0.002200, and a bullish crossover was spotted on the chart. Additionally, the altcoin has crossed the 50% Fib level and was inching closer to the 61.8% level.

The immediate support zones of the HEX price were $0.002270 and $0.002000, whereas the upside hurdles were around $0.002800 and $0.003000 to keep an eye out for the following sessions.

Source