DeXe surges 12% amid $350K inflow – But THIS hurdle warns caution!

Key Takeaways

What’s driving DeXe’s current value rally regardless of final week’s steep losses?

Robust spot accumulation and a 107% surge in market quantity have fueled DeXe’s bullish momentum.

What technical alerts recommend warning for DeXe’s continued upward motion?

Resistance from Bollinger Bands and a bearish Parabolic SAR sign point out potential promoting strain forward.

DeXe’s [DEXE]bullish pattern stays dominant available in the market, because the asset has risen by 12% previously 24 hours.

Regardless of the continuing rally, buyers nonetheless query whether or not it may possibly recuperate from the numerous 56% loss recorded final week.

Spot buyers again the rally

DeXe’s current good points adopted two straight days of accumulation, ranging from the thirty first of October 31 to the time of writing.

Inside this era, CoinGlass reports {that a} whole buy of roughly $350,000 was made, probably the most vital purchase for the reason that twenty first of October.

Apparently, this coincided with a powerful surge in market quantity, which totaled $17.10 million, representing a 107% improve previously day.

Supply: CoinGlass

A continued rise in each quantity and value means that the momentum behind the rally stays robust, and the asset is prone to proceed upward.

Nonetheless, this bullish momentum is now being examined because the asset faces a key resistance zone.

Resistance forward for DeXe

This resistance types a part of the consolidation sample during which the asset has traded for the previous two weeks, beginning across the twelfth of October.

Usually, a consolidation sample reminiscent of this means that buyers are accumulating the asset as they put together for an upside breakout.

A big shut above this degree would recommend that bullish sentiment stays robust and that demand might outweigh the availability strain that beforehand drove the asset downward.

Supply: TradingView

Nonetheless, DEXE continues to be down 46% from its September excessive of $46, implying that if the present momentum continues, the asset might pattern again towards that degree.

Notably, for early patrons in September, a rally to this degree would symbolize a breakeven level for buyers who’ve held their spot positions or averted liquidation in derivatives.

The chances towards a rally

The chances towards a sustained rally have elevated, in response to a number of technical indicators on the chart.

First, the Bollinger Bands, which include the higher, mid, and decrease ranges, are displaying resistance. The higher band usually acts as a barrier that forces costs decrease, whereas the decrease band offers a assist zone that pushes belongings upward.

At press time, DEXE has traded into the higher band, signifying {that a} decline could possibly be close to.

Supply: TradingView

Notably, the Parabolic SAR (Cease and Reverse) has additionally issued one other warning sign. The dots have now shaped above the worth, indicating that promoting strain is constructing.

If this continues, it implies that DEXE might stay inside its consolidation vary with out making any new highs.