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DEXE Could Rally to New Highs If Price Breaks Above $18.30 Resistance

Published
Valdrin Tahiri
Published
By Valdrin Tahiri
Edited by Ryan James

Key Takeaways

  • DeXe (DEXE) is breaking out from the $18 resistance area.
  • The price has not traded above this resistance since 2022.
  • Can DEXE break out and reach a new all-time high price?

DEXE had an explosive start to 2024, increasing over 500% until March, culminating in a high of $15. A lengthy correction followed, during which DEXE shed nearly 70% of its value.

Despite this, DEXE ended the year on a high note. The price broke out from its resistance trend line, signaling the correction is over.

The altcoin has increased nearly 200% since the breakout and has reached the final resistance before the all-time high.

Can DEXE break it, and what’s next if it does? Let’s find out.

DEXE Reaches Resistance

DEXE has increased gradually since falling to a low of $1.89 in June 2023. In February 2024, the price broke out from a long-term descending resistance trend line. It took DEXE 1,085 days and three unsuccessful attempts to finally clear the resistance, which existed since the 2021 all-time high.

With its breakout, the DEXE price signaled that it ended its correction and started a new upward movement.

Subsequently, DEXE accelerated its rate of increase and reached the $18:resistance area, the final one before the all-time high. While the first breakout attempt (black circle) was unsuccessful, DEXE is attempting to move above the resistance area again.

Even though the DEXE all-time high of $32 is 80% away, this is the final resistance before it, so DEXE can quickly make up ground if it closes above $18.

DEXE Breakout
DEXE/USDT Weekly Chart | Credit: Valdrin Tahiri/TradingView 

Technical indicators are also positive. The Relative Strength Index (RSI) and Moving Average Convergence/Divergence (MACD) are increasing and are above their bullish thresholds at 50 and 0, respectively.

Since neither has generated any bearish divergence, the most likely future outlook is a close above the $18 area and a gradual ascent toward a new all-time high price.

New DEXE All-Time High?

The wave count also gives a positive DEXE prediction. The most likely count suggests the price is in the fifth and final wave of the upward movement that started in June.

If the count is accurate, DEXE can reach a high near $38. The target is made by giving wave five 0.618 times the length of waves one and three combined and the 2.61 external Fibonacci retracement of wave four (black).

If wave five extends, the price can reach a high of $59. Both targets would represent new DEXE all-time highs. The sub-wave count is in black. While its exact structure is unclear, it suggests that another upward movement is likely.

DEXE Count
DEXE/USDT Daily Chart | Credit: Valdrin Tahiri/TradingView 

After the five-wave increase, DEXE could begin a lengthy correction, retracing a portion of the upward movement that started in June 2023.

Final Upward Movement

After breaking out above its diagonal resistance, DEXE is finally attempting to clear its final horizontal resistance before the all-time high.

The price action and wave count suggest that the price will close above $18 and gradually increase toward a new all-time high. The first target for the top is between $38.22-$38.82.

 

Disclaimer: The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
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Valdrin Tahiri

Valdrin discovered cryptocurrencies while getting his MSc in Financial Markets from the Barcelona School of Economics in 2017. He has been an avid investor and trader since. Valdrin has written for several cryptocurrency media companies such as BeInCrypto and CoinGape.
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