Community sentiment plays a crucial role in setting the landscape for a price rally. In terms of most searched assets on the cryptocurrency tracking platform CoinMarketCap, Bitcoin, Shiba Inu, has been a part of the top 10 list regularly. Other prominent assets like Dogecoin, Cardano, Fantom, and Floki Inu were a part of the 20-30 range.
Nevertheless, one interesting trend stood out. HEX managed to grab a spot higher than Binance’s BNB token. Price-wise, the former registered higher gains than the latter on the daily, weekly, and monthly timeframes.
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From the beginning of this year, HEX has inclined by a whopping 142.72%, while Binance’s BNB token has risen by only 35.56% in the same period. Nevertheless, HEX registered one red weekly candle, while BNB’s all-green streak record was intact at press time.
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HEX sentiment improves, technicals signal buy
The community sentiment associated with HEX has also been enhancing of late. With over 19.2k social mentions, data fromLunarCrush revealed that the social mentions inclined by ~74% over the past week.
Likewise, HEX managed to amass a total of 35.9 million social engagements in the same timeframe, marking a ~39% rise in the last seven days.
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Technicals from TradingView Pointed out that this cryptocurrency was an attractive “buy” at press time on Tuesday. Given that HEX is 88.20% down from its all-time high, long-term investors can consider stepping into the market.
However, short-term market participants need to exercise caution. The overbought RSI reading of 71.31 on the daily timeframe suggested that this asset’s price could be due for a correction.
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