The largely abandoned cryptocurrency HEX has seen an odd 46% price surge over the last 24 hours. This is despite many writing off the project as ‘dead’ long ago.
HEX hit a high of $0.008576 before pulling back slightly. Up significantly from the recent low of $0.005543. Trading volume also jumped over 133% to $4.1 million.
This activity seems questionable for a few reasons:
- HEX has been in a long-term downtrend with waning developer and community activity. Many consider the project essentially abandoned.
- Founder Richard Heart remains mired in legal troubles with the SEC over alleged securities fraud.
- Speculation is rampant that Heart or insiders are artificially pumping the price to appear active.
- Technicals show the price has struggled to break key resistance levels despite the pump. Indicating weak underlying momentum.
- Trading volume, while up, remains extremely low for a cryptocurrency with a $500 million market cap.
- Social media and online discussion of HEX remains minimal. Suggesting little real renewed interest.
Source: CoinStats – Start using it today
While occasional pumps are possible even for ‘dead’ coins, HEX’s overall decline remains the overarching story. Traders should be wary of reading too much into this sudden but questionable rally.
Fundamental improvements would need to materialize for any lasting turnaround. But with its tarnished reputation and inactive development, lasting adoption looks unlikely. The SEC case also hangs over the project ominously. For now, it’s best to remain skeptical of HEX’s supposed revival.
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