DEXE surged on July 10, reaching a high of $36.34 before retreating to around $34.30, still up over 22% in 24 hours. This rally occurred after the price broke through the $28 mark, triggering increased buying interest.
After breaking through the previous high, it entered a new high range.
According to market data cited by crypto.news, DEXE had been consolidating in the $22-$27 range before breaking upwards and surpassing previous highs. Due to the lack of historically high-volume trading areas above, the price entered a new high range after the breakout, with the upward momentum accelerating significantly.
The article mentions that the limited number of shares available for trading on exchanges amplified the upward momentum. After a concentrated influx of buying, prices surged rapidly in a short period.
Short covering amplifies price increases
Changes in derivatives positions are another driving factor behind this rally. In the past 24 hours, liquidations have primarily come from short positions, accounting for nearly 96%. As prices continue to rise, some short positions have been forced to cover, further boosting spot demand.
Meanwhile, overall sentiment in the crypto market has also improved. The report points out that risk appetite has rebounded following the easing of military tensions between the US and Iran, with some funds returning to the digital asset market. Bitcoin's return above $63,000 has also brought more attention to highly volatile altcoins.
- DEXE intraday high: $36.34
- Price after pullback: Approximately $34.30
- 24-hour short covering rate: close to 96%
On-chain funds and token holding addresses continue to increase.
Besides price performance, on-chain and protocol data are also considered supporting factors. DeFiLlama data shows that the total value locked on the DeXe network is close to $1.6 billion. The article also states that there have been no instances of smart contract exploitation on the protocol to date, which has boosted the confidence of some market participants.
On-chain tracking data shows that whale transactions exceeding $100,000 have reached record levels, and the number of holding addresses continues to approach 50,000. Meanwhile, daily fund flow indicators still show net inflows.
However, the report also mentioned that the Relative Strength Index (RSI) is approaching overbought territory. This means that after reaching a new high, the DEXE may pause or consolidate in the short term, and then we will observe whether buying pressure continues to follow.
