DEXE among top DeFi gainers – Is $24 the next target?
- DEXE was attempting to break above the descending trendline of a falling wedge pattern as of press time.
- The most concentrated level with leveraged DEXE positions sat at $13.41.
The DeXe Network [DEXE] went up by 12.4% over the last 24 hours as it gained momentum with the total market cap of the DeFi sector sat at $117B.
The top three, led by Lido [LDO] at $23.4B, Hyperliquid [HYPE] with $11.0B and Chainlink [LINK] at $10.7B with dominance at 20%, 9.42% and 9.10% respectively.
Meanwhile, Zebec Protocol [ZBCN] rose by 161% in weekly movers, Tellor [TRB] by 81.1% and Lorenzo Protocol [BANK] climbed by 21.9%.
Such a rise constitutes more weightage toward greater DeFi adoption, since, with broader rallies in the crypto market, DEXE also went up in price.
Daily performance and price analysis
After rising over 12% in the last 24 hours, DEXE tried to break out and saw its highest volume of 597% in those periods.
The charge sample of DEXE crypto crossed over the descending resistance of a falling wedge, trading at $13.857.
The breakout happened soon after the price of DEXE had spent some time in the “Buy Zone,” between $12.50 and $13.50. This suggested the price level was a critical accumulation zone by traders.
Should DEXE stay above its upper boundary and maintain energy, it may return to $16.00 and could then reach even higher toward $20.00 and $24.00, its highest point in early February.
Source: X
If the price does not reach the resistance, it could return to the wedge again at about $12.50 and $13.50 for another buildup. If trading fell under $11.300, this area would mark a breach of the bullish pattern.
The breakout showed that this trend fit the normal falling wedge reversal structure, so a continuation in the bullish trend could be possible, but, it must be certain that the fee of the candle finishes above the resistance.
The support at $13.20 was important and $16.00 was the resistance, with the $24 mark set as our bullish goal.
DEXE liquidation levels
More analysis showed a composition of 268,212 positions clustered at the $13.42 price level. More dense clusters on the DEXE/USDT liquidation heatmap stood just below the present price of $14.16 at the time of writing.
In the event that DEXE’s price spirited toward $13.42, there would be surely huge long-liquidations, thus planting seeds of more pressure to sell.
Meanwhile, buyers could be gathering to defend against sellers at these new liquidation layers.
Source: Coinglass
Should DEXE test the $13.42 region, short positions may get closed rapidly for profits, resulting in prices jumping higher.
The ongoing movement above $14 could probably continue until one of these key zones at $14.5-$14.85 was broken down.