This HEX Price Prediction article is based on technical analysis alone. Below, you will see the key metrics that we have taken into consideration upon coming up with our HEX price analysis and prediction.
Among the cryptocurrencies that are rallying this year, HEX is perhaps one of the most surprising for some. It is not directly related to Bitcoin, nor is it the most hyped cryptocurrency today. But for those that are aware, HEX has been around since December 2019.
Can HEX reach $1 in 2021? We will find out shortly. But before we proceed to our HEX analysis, let us first answer the question “What is HEX?” in this HEX prediction 2021 article.
What is HEX?
HEX is an ERC20 token launched on the Ethereum network. HEX is designed to be a store of value to replace the Certificate of Deposit as the blockchain counterpart of that financial product used in traditional financial markets. HEX is also designed to leverage off the emerging DeFi (Decentralized Finance) ecosystem in cryptocurrencies within the Ethereum network.
HEX uses the Ethereum network for the transaction layer (sending and receiving HEX tokens, as well as interacting with the HEX smart contract), whilst the consensus code and staking mechanism is contained in the HEX smart contract.
Now that we are clear about HEX do you think HEX will be beneficial crypto in 2021? Join me and let us see the charts in this HEX price analysis and HEX price prediction.
HEX Current Market Status
As of the time of writing this HEX price analysis, HEX trades at $0.1357 with a 24-hour trading volume of $22,995,100. The price of HEX has decreased by 0.27% in the last 24 hours.
Furthermore, HEX has a current circulating supply of 173.41B HEX. Currently, the top cryptocurrency exchanges for HEX are HitBTC, FMFW.io, Uniswap (V3), BitMart, and XT.COM.
Now, let’s proceed to the next part of this HEX technical analysis for 2021.
HEX Price Analysis
Currently, HEX holds 201st place on CoinMarketCap. But will the latest upgrades, development, and changes in the HEX blockchain help the cryptocurrency price to reach higher? Let’s proceed to the charts in this HEX price prediction article.
In the chart above, which is set in a daily time frame, we can see the Descending Channel Trend pattern. A descending channel is the price action that takes place in an upward direction through a sloping parallel line. More so, the chart shows the Lower Highs and Lower Lows from this price pattern. Moreover, this pattern represents a short-term bullish.
As shown above, at the beginning of this month, HEX turned from its bear to bull trend. This is the result of the high trade volume that occurs during that time.
HEX Price Prediction
The chart below shows that HEX has performed great over the past few days. Moreover, the HEX price shows a bullish trend. If this trend continues, HEX might run along with the bulls, overtaking its $0.536 resistance level and moving higher.
Why Hex has been so successful? How does it work?
Certificates of Deposit (CDs) are common investment tools managed by banks. Hundreds of millions of people use them worldwide, creating a market valued in the trillions of dollars. HEX has taken the concept of CDs, added significantly higher average return rates, removed banking fees and turned it into a decentralized cryptocurrency.
You can "Stake" your HEX by locking up any amount for a period between 1 and 5555 days. Your Stake accrues rewards every day, and the amount of yield depends on the length of your Stake: "Longer Pays Better". The APY for HEX Stakes of average length is around 40%, while traditional bank CDs average less than 2%. In addition to the unprecedented yield, there is also the tendency of the HEX price to appreciate.
HEX has no central entity, no bureaucracy and no overhead. There are no bonuses awarded to anyone outside of the users who Stake HEX. As a simple to use, high-yield investment tool, HEX makes you the bank.
Security and Advantages
HEX cryptocurrency is faster and cheaper to transact and more secure in some ways than Bitcoin because it uses Ethereum security. HEX is built on top of Ethereum, which is a Proof of Work blockchain with more decentralized hashing power than Bitcoin. BTC also devalues its price by delivering inflation to the miners who need to sell those Bitcoins in the market to pay for the electricity and equipment they use.
That leads to a drop in price. Contrary to BTC, the HEX code is an immutable and open source. It is an externally audited token. No bugs and the system is reliable. Hex has security and economy audited from Chainsecurity and CoinFabrik. Hardware wallets like Trezor and Ledger can be used with MetaMask for HEX and ETH.
HEX is designed for those who stake longer, so they will benefit the most. How? By eliminating intermediaries, users can transform Ethereum directly into HEX. Kick-start adoption gives Bitcoin Owners free HEX. That helps small market players, penalizing Bitcoin whales. Early claimers receive bonuses, and late claimers get penalties. Referrers and those referred are also paid bonuses. Unclaimed coins and interest are paid to those who have locked their HEX on time. Longer-term and larger stakes get more shares, and the price per share only increases. HEX equalizes incentives, so the more people participate, the better off everyone is!
Frequently Asked Questions
Can HEX be used as a day-to-day currency?
Even though HEX was desgined to be a Store of Value and not a Medium of Exchange it works fine as a day-to-day currency because it follows the ERC20 standard. With tools like zksync.io HEX already supports up to 2000 TPS. Raiden, plasma, state channels... are also supported just like for any other ERC20.
What is Hex's long term goal?
Replace gold as a store of value (8 trillion USD Market Cap). Replace credit card companies and payment companies like PayPal (around $770 billion in Visa, MasterCard and PayPal alone). Replace legacy Certificates of Deposit ($571 Billion in the USA alone on just those under $100,000, trillions of USD of value globally).
Replace middlemen with trustless yield.
Is there a HEX wallet?
HEX is an ERC20-compliant token on the Ethereum Blockchain. Any wallet that supports Ethereum can store HEX. The recommended wallet is the MetaMask browser extension.
If you store more than $10,000 consider getting a hardware wallet like a Trezor. You can connect your Trezor to MetaMask and use HEX as usual.
