Sunday, 17 October 2021 03:10 GMT

HEX/USD: Upper Realms of Record Price Range Facing Headwinds


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As of this writing, HEX/USD is trading below the 36 cents mark and it has seen some downside pressure develop the past few days.  After hitting a high of nearly 52 cents on the 19th of September, HEX/USD has seen an incremental decrease in its value occur, but the cryptocurrency remains solidly within the upper tier of its long term price range. Psychologically, if HEX/USD were to fall below the 30 cents level and challenge 29 cents this could set off further speculative bearish momentum. The last time HEX/USD traded below 30 cents was on the 4th of September.

The question for speculators of HEX/USD which they might want to consider is how much does the cryptocurrency correlate with its counterparts? While other cryptocurrencies have faced headwinds the past couple of weeks, many of them like HEX/USD have also sustained higher values recently and the past couple of days prices have begun to show signs of being bullish again.

The slight turnaround in technical sentiment the past couple of days in the broad cryptocurrency market may have a positive effect on the Hex coin. The current value of HEX/USD near the 35 to 33 cents support junctures could prove to be an important place to look for reversals higher as a speculative position. Just two days ago HEX/USD was trading above 40 cents.

Volatility is part of the landscape for HEX/USD and traders who decide on wagering within the cryptocurrency need to understand the significance of its potential moves which can produce large percentage changes in value. Let there be no doubt that selecting the proper amount of leverage is crucial and the use of entry levels when placing an order is important. The difference of half a cent or a full cent within HEX/USD can have a large impact on the targets a trader will want to use after being filled and then having to select take profit and stop loss locations.

Speculators who are feeling optimistic about the lower price realms of HEX/USD in the short term and view its current value as being oversold cannot be faulted. Traders should be cautious and if they want to buy HEX/USD they should not get overly ambitious and watch positive trades turn into negative ones simply because they were too stubborn and wanted more profits to materialize. Traders may want to target slight upwards momentum and set take profit goals near 37 to 39 cents near term for quick wagers.

Hex Coin Short-Term Outlook

Current Resistance: 0.3708000000

Current Support: 0.3446000000

High Target: 0.4425000000

Low Target: 0.3035000000

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