DeXe (DEXE) Breaks Descending Triangle, Rallies Into Crypto Top Gainer Spotlight With 12% Move

Key Takeaways

• DEXE jumped 12% in 24 hours, outperforming all top 100 cryptocurrencies by breaking out of a descending triangle.
• On-chain data shows a 77.30% rise in price-DAA divergence, suggesting network activity is backing the price rally.
• Indicators like the CMF at 0.12 and a falling wedge breakout hint that DEXE’s price might break above $15.

DEXE, the governance token of the DeXe decentralized finance (DeFi) protocol, has taken center stage as the top-performing cryptocurrency among the top 100.

In the past 24 hours, DEXE’s price has jumped 12%, climbing from $12.35 to $14.00.

This standout performance comes at a time when most leading cryptocurrencies are grappling with sideways movement or losses.

So, how did DEXE secure the top spot, and what might be next for the rising DeFi token? Let’s take a closer look.

DeXe Token Defies Downtrend

Based on the daily chart, DEXE emerged as the top crypto gainer after it broke out of a descending triangle.

As seen below, the altcoin’s price has been hitting lower highs since Feb. 3 when it surpassed $24.

Throughout that decline, it had held support near $12.33. However, during the late trading hours on Thursday, May 29, DEXE’s price broke out of the falling trendline.

According to CCN, it surged to $14 due to rising trading volume and high demand, which was evident in the Bull Bear Power (BBP) position.

The BBP, as the name implies, compares the strength of bulls to bears. When the reading is positive and shows green histogram bars, bulls are dominant.

On the other hand, a negative BBP reading indicates bearish control. As seen below, the BBP is in the positive region.

If sustained, DEXE’s price might successfully breach the $15.21 resistance and the upper level hurdle at $17.92.

Network Activity Rises

A look at on-chain data also supports this outlook. According to data from Santiment, the price-Daily Active Addresses (DAA) is positive.

The price-DAA divergence refers to a mismatch or discrepancy between a cryptocurrency’s price movement and its network activity. It is a concept used in on-chain analysis to assess whether price action is supported by user activity on the blockchain.

When the price rises, but DAA remains flat or declines, it indicates that fewer users interact with the network, despite the price increase. This means that the rally is unsustainable.

However, in this case, DEXE has formed a bullish divergence as the price DAA divergence has risen 77.30%, indicating high network usage.

Should this trend remain the same, DEXE’s price is likely to trade higher despite the recent slight pullback.

DEXE Price Analysis: Bulls to Remain in Charge

Another look at the DEXE/USDT chart shows that the breakout also occurred after the token surged past the upper trendline of a falling wedge.

A falling wedge forms when the price makes lower highs and lower lows, with the trendlines narrowing.

However, as volume increases, the price breaks above the upper resistance line, which is what happened with DEXE’s price.

In addition, the Chaikin Money Flow (CMF) has risen to 0.12, indicating rising buying pressure.

Should this trend continue, DEXE might surge above the resistance at $15.15. If validated, the token might climb to $17.28, near the 0.382 Fibonacci level.

On the contrary, if selling pressure takes over, DEXE’s price might drop below the support at $13, positioned near the 0.618 golden ratio. In that scenario, the altcoin could fall below $10.