February has been a positive month for most cryptocurrency assets. Even though some action was witnessed mid-month, Bitcoin failed the $25k re-test and has stagnated around $23k–$24k since then. As a result, most top assets have also been consolidating of late.
The tale is completely different for HEX. On the daily, it noted an appreciation of around 10%, and as a result, it was one of the top gainers on Monday. In fact, the price of HEX has increased by more than 155% since the beginning of this month.
For comparison, let’s check out how Dogecoin has fared so far in February. As illustrated below, the largest meme coin has shed 16% in the same timeframe. In fact, after noting an approximate 1% decline on the day, it was trading in the red at $0.081 at press time.
HEX’s landscape was characterized by strength on Monday, with its price hovering above all crucial EMAs. In addition, buying momentum was seen picking up, and the RSI was on the verge of crossing above its SMA [yellow]. Contrarily, DOGE was trading below its exponential averages, and the malnourished RSI reading brought to light the lackluster demand.
HEX fares better than Dogecoin on other fronts too
Thus, with HEX putting up an impressive show on the price front, it was one of the top trending coins on LunarCrush on Monday. A view into the platform’s AltRank revealed that HEX occupied the 3rd position, while Dogecoin stood 125th out of the total 4206 assets tracked.
This rank measures altcoin’s price performance relative to Bitcoin. In addition, it compares the social activity indicators of all coins. Thus, this combined metric can be considered a proxy for the overall health and performance of altcoins.
Dogecoin’s state seemed worrisome at press time. As shown below, its social mentions and engagements have dropped by 15%–17% each over the past week. Its bullish sentiment was also dampened.
HEX’s state was relatively better. However, while the number of engagements increased by 12.7% over the past week, it should be noted that social mentions and bullish sentiment dropped by 5% each in the same time frame. The same hints suggest that the crowd is expecting HEX to undergo correction, before advancing further on the price front.