Elon Musk, the CEO of Tesla, recently made an unexpected statement related to HEX. It all began when he responded to a Twitter user’s suggestion that AI depicts humans with eight fingers on each hand because it envisions people performing hexadecimal calculations, similar to how AI processes information.
In his typical lighthearted and meme-loving manner, Musk replied, “I have a fondness for Hex.” This tweet instantly grabbed the attention of the cryptocurrency community, with some speculating that Musk indirectly referred to HEX, an ERC20 token issued on the Ethereum network and created by Richard Heart.
The tweet generated humorous responses and memes, with people wondering about the reason behind Musk’s expression of fondness for HEX. Additionally, some praised Musk for indirectly acknowledging the token.
Cardano’s founder, Charles Hoskinson, also joined in with an amusing reaction on Twitter. He posted a GIF image of a man yelling, “You were the chosen one,” hinting at a playful sense of disappointment. Hoskinson, like the rest of the crypto community, found Musk’s mention of “Hex” intriguing, considering the ongoing hostilities between him and HEX creator Richard Heart. In December of the previous year, Hoskinson had expressed that a conversation with the HEX inventor would be pointless, citing the creator’s repeated derogatory remarks about him and Cardano in public.
Current Market Standing
Cardano (ADA) is ranked as the seventh biggest project in terms of market cap, according to CoinMarketCap. It experienced a 24-hour price drop of 0.67%, taking its price down to $0.313 at press time. The Ethereum-killer’s market cap stood at $10.94 billion as a result.
Meanwhile, ADA’s 24-hour trading volume stood at $275.114 million, following a 24-hour decrease of 22.74%. Furthermore, the price of ADA was nearer to its 24-hour low of $0.3111, while the altcoin’s daily high stood at $0.3275.
The recent drop in ADA’s price pushed its already-negative weekly performance further into the red. As a result, the altcoin’s price was down 10.59% over the past 7 days.
Technical Overview
A symmetrical triangle pattern had formed on ADA’s 4-hour chart. Should this pattern play out, the altcoin’s price may look to flip the next resistance level at $0.3371 into support over the following 48 hours. Continued bullish momentum may even elevate the altcoin’s price to the next significant resistance level at $0.3663 in the next week.
On the other hand, if ADA’s price fails to break out above the chart pattern within the next 12 hours, then it may be at risk of retesting the crucial support level at $0.2985. This may also put the cryptocurrency at risk of falling to the next key level at $0.2774.
A symmetrical triangle was also present on ADA’s daily chart. Despite the potential bullish pattern, ADA’s price had dropped below the 9-day EMA line over the past 24 hours. The cryptocurrency was also looking to do the same with the 50-day EMA line.
Should ADA’s price close today’s daily candle below the 50-day EMA line at $0.3103 and fail to recover back above the technical indicator within the following 48 hours, then bears may drag it down to the aforementioned $0.2985 mark. In addition to this, the 9-day EMA line may cross bearishly below the 50-day EMA line.
If this cross happens, it will signal that ADA has entered into a short-term negative cycle and that its price may continue to drop in the following 7 days. This possible change in momentum may also result in ADA’s price dropping below the crucial $0.2985 support.
On the other hand, ADA closing the next 2 daily candles above the 9-day EMA line may lay a foundation for the altcoin to overcome the $0.3371 resistance in the next couple of days. This may also result in the 20-day EMA line crossing above the 50-day EMA line, which will be a medium-term bullish technical flag for the cryptocurrency.
