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HEX price rose 3% to trade at $0.00898 at 4:40 am EST as investors engaged in profit-taking activities after strong gains over the past month.
This latest 24-hour gain was not enough to change the altcoin’s weekly performance, which remained in the red zone with a 9.6% drop. However, it added to the altcoin’s notable monthly gain, which dropped to 148%.
Technical description of hexadecimal price
Daily chart for HEX/USDT (Source: TradingView)
A symmetrical triangle pattern that has formed on the daily chart of HEX suggests that the cryptocurrency’s price could break out in the coming days. If this pattern develops, it could cause the altcoin to escape the consolidation phase it has been stuck in for the past week.
An upward movement can lead to HEX turning the resistance level of $0.012280 into support within the next 48 hours. Traders can then identify HEX closing a daily candle above this mark as a bullish development, which could lead to a capital injection for HEX. This could push the value of the cryptocurrency to the next barrier of $0.020035 in the short term. In an extremely bullish scenario, HEX price may rise as high as $0.040630 if buyers continue to push its price higher in the month following a possible breakout above the symmetrical triangle chart pattern.
This bullish thesis may be invalidated if HEX break below the immediate support level at $0.007410 in the coming days. In this more bearish scenario, the altcoin could be at risk of falling to $0.004760.
Bearish Technical Flags for Hex Price
Investors and traders will want to note that the technical indicators on HEX’s daily chart supported a bearish thesis, which may suggest that its value will fall in the coming days. The daily Relative Strength Index (RSI) indicator signaled that sellers had most of the strength on the daily chart of HEX. Since the negative slope of the RSI line suggests that the bears were maintaining their strength, traders may want to consider shorting the cryptocurrency in the coming days.
Adding credibility to the bearish thesis is the daily Moving Average Convergence Divergence (MACD) indicator. HEX The trend may soon undergo a negative trend reversal, given the fact that the MACD line was trying to cross below the MACD signal line. The negative gradient of the MACD histogram also suggested that HEX’s trend was slowly turning bearish.
As traders wait for confirmation of the HEX breakout, bitcoin Minetrix (BTCMTX) is quickly gathering investor interest and is perfectly positioned to take advantage of the hype surrounding bitcoin (btc).
A new era in btc cloud mining
#BitcoinMinetrix envisions a rejuvenated cloud mining environment that aligns stakeholders and cloud mining.
With transparency, autonomy and security, #BitcoinMinetrix aims to be a pioneer in tokenized cloud mining, offering a reliable solution $btc mining avenue for everyone. pic.twitter.com/4Vh03aonId
—Bitcoinminetrix (@bitcoinminetrix) October 30, 2023
bitcoin Minetrix is a tokenized cloud mining platform that was created as a direct response to the increasing number of scams and increasing levels of difficulty associated with btc cloud mining. Through decentralization, the project makes cloud mining as simple as staking cryptocurrencies.
Another great milestone unlocked by #BitcoinMinetrix!
More than $2,800,000 raised! pic.twitter.com/PoH28Wjd7x
—Bitcoinminetrix (@bitcoinminetrix) October 31, 2023
Anyone who wants to start mining with bitcoin Minetrix can start making money by simply purchasing the project’s native token, BTCMTX. The token is currently selling for $0.0113 and can be purchased using Ether (eth), Tether (USDT), or a bank card on the bitcoin Minetrix website.
Once purchased, the BTCMTX tokens will need to be staked. This will then reward users with gas tokens based on the ERC-20 token standard. By burning these gas tokens, BTCMTX holders who have staked their tokens can claim a portion of bitcoin Minetrix cloud mining power and start earning.
BTCMTX will skyrocket along with btc
btc will soon be harder to come by, as the next halving event is expected to take place in April 2024. This will halve the mining rewards paid to miners, making it more difficult to introduce more btc into circulation. .
With bitcoin Minetrix, users will be able to participate in cloud mining without having to worry about the complexities of maintaining physical hardware. Anyone who wants to start earning with bitcoin Minetrix You may want to buy BTCMTX before the next token price surge and the bitcoin network halves btc mining rewards.
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