Hex coin has continued to lose buying momentum in the past week as the likely effects from a famous influencer diminishes short term.
HEX/USD was trading near a high within sight of the 20 cents mark on the 15th of July. On the 1st of July, the Hex coin was trading near a low of nearly 7-and-a-half cents. On the 1st of June, HEX/USD was trading slightly below 5 cents. Intriguingly, on the 13th of May, Hex/USD was trading below the 7 cents level during the height of exuberance in the broad cryptocurrency market. And to give a final dose of technical info, HEX/USD was trading below 1 cent the end of January in this year.
So the question needs to be asked: how, after hitting a high during the height of cryptocurrency exuberance in mid-May and falling to a low slightly below 5 cents in early June, has Hex coin staged new record highs in the middle of July? Elon Musk is the answer. Sometime in early July Elon Musk commented on Hex coin and quite evidently put HEX/USD on the radar of many speculators. The high reached in the middle of July has gradually lost momentum.
As of this morning, HEX/USD is trading slightly above 12 cents. Hex coin did touch a low below 7 cents on the 20th of July on a swift spike downwards, and it did recover and reach a height over 15 cents only one day later. Speculators within HEX/USD need to be ready for swift waters, particularly if Musk or other influencers decide to try and have further impact on the cryptocurrency.
A telltale sign that HEX/USD is being affected by the stature of social media is that its trading has not correlated to the broad cryptocurrency market which certainly did not achieve record highs in the middle of July. While much of the digital asset sphere has seen better behavioral sentiment the past week-and-a-half, HEX/USD has not been able to see a sustained upwards bullish trend develop in the short term. In other words, Hex coin is trading against the broad market trend again.
The lack of buying momentum the past couple of days with rather choppy trend lines and low trading volume indicates HEX/USD is a highly speculative wager. Hex coin’s value will continue to be likely influenced by the power of its proponents or the lack of their voices. In the short term, if HEX/USD cannot climb above the 13 cents level, it may be a signal additional weakness will develop and that the 11 and 10 cents junctures may prove vulnerable below.
Hex Coin Short-Term Outlook:
Current Resistance: 0.1273000000
Current Support: 0.1202000000
High Target: 0.1345000000
Low Target: 0.1013000000