DEXE surges 10%, bulls defend key levels: Is $24 the next target?
DEXE surged 10%, successfully defended the $20 support level, and reached a high of $22.
After dropping to a low of $17, DEXE rebounded from the slip and flipped the $20 resistance into support.
In doing so, the altcoin touched a local high of $22 before slightly retracing. As of this writing, DEXE traded at $21, up 10.02% on the daily charts.
Over the same period, the altcoin’s trading volume rose 67%, reflecting increased market participation. With the price hike, the altcoin flipped the short-term moving average, signaling strengthening upside momentum.
DEXE rebounds amid dip buying
After DeXe [DEXE] dropped below $20, buyers rushed in to buy the dip. In doing so, they effectively defend higher levels.
Spot outflows surged to $7.1 million while inflows declined to $4.76 million. For that reason, the Spot Netflow dropped 203% to -$2.34 million.
A negative Spot Netflow indicated that buyers outpaced sellers on exchanges, a clear sign of bullish sentiment. Historically, a sustained exchange outflow reduces supply and raises scarcity, a key recipe for upward movement.
The same sentiment was observed on the derivatives market. On Binance, Perps Buy Volume rose to 283.9k, compared to 202k in Sell Volume.
The Delta remained positive while the market net buying also remained positive, suggesting traders continued to open new positions.
Across exchanges, capital inflows into futures positions also recovered. CoinGlass data showed that Futures Inflows surged to $17 million while outflows dropped to $13.5 million.
The setup suggested that traders continued to open more new positions. With buyers dominating the market, DEXE is positioned for further gains on its price charts.
Can the momentum hold?
DEXE showed strong upward momentum as demand recovered across the market. As a result, the altcoin’s Stochastic Momentum Index (SMI) formed a bullish crossover, signaling a recovery in demand.
But still, the momentum index remained within the negative zone. This suggested that although demand has recovered, buyers have yet to take total control of the market.
With momentum hanging at such levels, the market signaled it was at a crossroads. If the recent demand holds, the altcoin is likely to make further gains.
If so, the upside will hold, reclaim $22, and target $24 in the short term. This bullish outlook will hold as long as DEXE closes above $20.
However, if active bears intensify profit-taking, we could see a drop below $20 again, with $18 as immediate support.
Final Summary
- DEXE surged 10%, flipped $20, and touched a local high of $22 before slightly retracing.
- Price saw strong upward momentum as buyers stepped in and bought the dip.
