DeXe (DEXE) is in the news today after it recorded an explosive 17% surge on the daily charts. This move confirmed the continuation of its bullish run following a break and successful retest of a falling wedge pattern.
Put simply, momentum may be accelerating across the altcoin’s market.
$3.17 break opens a clear path to $4
On the daily charts, DeXe’s price pushed decisively above the $3.17-resistance level – A key zone that was a point of interest in AMBCrypto’s previous analysis. That breakout shifts market structure firmly in favour of the bulls.
The next major zone is at the $4 psychological level. A visible liquidity cluster around that area strengthens it as a key zone for short-term price action.
If momentum sustains itself, the $4-level will be the natural target on the bulls’ radar.
Source: TradingView
Trading volume expansion confirms strength
Trading activity has surged sharply too. According to AMBCrypto’s analysis of derivatives market data, DeXe spot volume jumped by 145% to $65 million.
Futures volume has also gone hand in hand with the hike in spot volume, with the same climbing by 83% to $6.55 million.
Strong volume across both markets is indicative of broad participation. While intensive capital inflows highlighted the high magnitude of the surge, it also hinted that it hasn’t been a thin breakout as usual.
Source: Coinglass
Open Interest signals institutional positioning
That’s not all though as DeXe network’s Open interest hiked by $1.2 million as well. At press time, the total stood at $6.40 million.
A hike in Open Interest alongside price is often indicative of fresh long positioning among the big players. In other words, the surge might be illustrative of growing institutional demand in recent days.
Cumulatively, when Open Interest, spot volume and Futures activity rise together, continuation momentum often amplifies. The same scenario is expected by most analysts to have an impact on DeXe’s price action.
Source: Coinglass
What could be in store for DeXe?
At press time, all key metrics seemed to align with the bullish structure. Technically, the falling wedge breakout had been confirmed and the resistance at $3.17 was cleared. On the derivatives side, Spot and Futures volumes expanded alongside the rising Open Interest.
If bulls maintain control, the $4.00 liquidity zone becomes the next objective. However, failure to sustain volume could lead to a short correction before the rally is resumed.
This means that DeXe remains in a strong expansion phase right now, with momentum favouring further bullish rallies.
Final Summary
- DeXe surged by 17% after confirming a falling wedge breakout and clearing the $3.17 resistance.
- Rising volume and Open Interest have been consistent with market momentum, putting the $4.00 liquidity zone in focus.
Source: https://ambcrypto.com/dexe-surges-17-after-wedge-breakout-is-4-the-next-target/
