DeXe prices led the rise in cryptocurrencies, with an increase of 20%. Can bulls continue to attack?

DeXe prices soared more than 20% in a single day, reaching a record high on July 10. Breaking through key resistance levels and a large number of short liquidations pushed the token to take a leading position in the cryptocurrency market.

Summary

DeXe prices surged more than 20% after breaking through the bullish pennant, hitting a record high of $36.34. A large number of short clearing and limited supply of exchanges have accelerated the price discovery process. Although the RSI indicator is in the overbought region, the bullish MACD indicator, the positive CMF indicator, and increased whale activity together supported the upward momentum.

DeXe (DEXE) prices climbed to an all-time high of $36.34, then retreated slightly to about $34.30, but still posted a gain of more than 22% in the past 24 hours. Previously, the token broke through the $28 resistance zone, which had suppressed prices during several days of consolidation, and a new round of buying activity was triggered as stop-loss orders were activated and momentum traders entered.

Technical breakthrough drives price discovery

The rally accelerated after DEXE completed a bullish pennant break formed in the range of about US$22 to US$27. When the price breaks through the upper boundary of the pattern, the buyer quickly pushes the token into the price discovery stage. After surpassing the previous historical high, there is no obvious historical resistance above it.

Derivatives positions added another impetus to the rise. Nearly 96% of liquidations in the past 24 hours have come from short positions, forcing bearish traders to cover their positions as prices accelerate. This short squeeze amplified spot demand and helped the rally break through the initial target.

Exchange liquidity also plays an important role. A large portion of DEXE\'s circulation supply is still locked in decentralized autonomous organization vaults and long-term pledge contracts, limiting the number of tradeable tokens available. By absorbing a wave of buying orders when the order book is thin, the relatively moderate inflow of funds creates extraordinary price fluctuations.

This rise is also consistent with improving sentiment in the digital asset market. Investors withdrew risky assets at the beginning of the week amid military tensions between the United States and Iran, and the easing of geopolitical concerns prompted capital to return to the cryptocurrency market. Bitcoin rebounded above $63000, supporting a new round of interest in high-beta altcoins, while the CoinMarketCap Fear and Greed Index rose to 30 from 26, indicating a moderate recovery in market confidence.

Momentum indicators continue to support the uptrend

DeXe\'s strong performance this year has also benefited from improved fundamentals. As decentralized governance and artificial intelligence projects continue to attract investor interest, the agreement has attracted much attention, with the token increasing by approximately 750% during the year. The network has also locked in a total value of nearly $1.6 billion while maintaining a record of no smart contract vulnerability attacks, further boosting investor confidence.

Despite the rapid rise, long-term technical indicators remain constructive. The daily chart shows DEXE trading prices are stable above the 50-day index moving average of approximately $20.71 and the 200-day index moving average of $12.91, highlighting the strength of the current uptrend rather than a brief speculative surge.

Daily momentum indicators also continue to favor buyers. The MACD indicator showed a bullish cross, and the positive histogram continued to expand; the Chaikin Fund Flow indicator remained around 0.25, indicating continued inflows of funds. Although the latest daily candle chart formed a longer upper shadow after hitting an all-time high, suggesting that some traders locked in profits, neither of the above indicators currently shows a significant deterioration in momentum.

On-chain activity continues to strengthen bullish views. Blockchain tracking data shows that whale transactions worth more than $100,000 have climbed to record levels, while the number of wallet holders has steadily approached 50,000. At the same time, the Relative Strength Index is approaching the overbought level of 70, indicating that the rally could stall or consolidate before buyers try to push prices up again from historical highs.