Higher levels of the all-time high price bracket in the face of headwinds
HEX / USD hit highs of nearly 44 cents seen on the 9the October, but the slight downturn could nonetheless turn out to be a speculative opportunity for its lenders.
As of this writing, HEX / USD is trading below the 36 cent mark and it has seen downward pressure build in recent days. After hitting a high of nearly 52 cents on the 19the from September, HEX / USD saw a gradual decline in its value occur, but the cryptocurrency remains solidly in the upper end of its long-term price range. Psychologically, if HEX / USD falls below the 30 cent level and challenges 29 cents, it could trigger further bearish speculative momentum. The last time the HEX / USD traded below 30 cents was on the 4the September.
The question for HEX / USD speculators they might want to consider is how well does the cryptocurrency correlate with its counterparts? While other cryptocurrencies have faced headwinds over the past two weeks, many of them, like HEX / USD, have also held higher values recently and prices for the past two days have started. to show signs of being bullish again.
The slight turnaround in technical sentiment over the past two days in the vast cryptocurrency market could have a positive effect on the Hex coin. The current value of HEX / USD near the 35-33 cent support junctions could prove to be an important place to look for upside reversals as a speculative position. Just two days ago, the HEX / USD was trading above 40 cents.
Volatility is part of the landscape for HEX / USD and traders who decide to bet in the cryptocurrency should understand the importance of its potential movements which can produce large percentages of change in value. There is no doubt that selecting the right leverage is crucial and using entry levels when placing an order is important. The difference of half a cent or a whole cent within HEX / USD can have a big impact on what goals a trader will want to use after they have been met, then having to select profit-taking locations and stop loss.
Speculators who feel optimistic that the HEX / USD price will fall in the near term and view its current value as oversold cannot be blamed. Traders need to be careful and if they are to buy HEX / USD they shouldn’t get too ambitious and watch positive trades turn into negative trades just because they were too stubborn and wanted more profits to materialize. Traders may want to aim for a slight upside momentum and set short-term profit-taking targets close to 37-39 cents for quick bets.
Short-term outlook for the hexagonal coin
Current resistance: 0.3708000000
Current support: 0.3446000000
High target: 0.4425000000
Low target: 0.3035000000