According to reports from AMBCrypto, Dexe [DEXE] has experienced significant weakness, trading down 11.5% to a low of $11 before slightly rebounding to $12 at press time. The altcoin's market capitalization dropped 12% over the same period, indicating substantial capital outflows from the market. This decline represents a steep downtrend from the recent high of $16.2, with the price movement suggesting increased selling pressure among retail participants. The broader cryptocurrency market has also been impacted, with Bitcoin closing down more than -7% and Galaxy Digital Holdings falling more than -6% on Tuesday.
As reported by AMBCrypto, futures retail trading activity data from CryptoQuant revealed excessive retail orders after Dexe rallied to $16.2. However, with the price uptick, retail traders began closing positions, leading to a 8% decline in Open Interest to $33 million while derivatives volume rose 25% to $90 million. The altcoin's Futures Netflow dropped 174% to -$1.21 million, with $30.56 million in outflows compared to $29 million in inflows over the past 24 hours, indicating significant capital exits from futures positions. This retail selling pressure has contributed to the broader cryptocurrency market decline, with Galaxy Digital Holdings and Strategy also closing down more than -4% and more than -3% respectively.
According to AMBCrypto, the Bulls vs. Bears indicator turned negative on April 21st for the first time in two weeks, currently sitting at -20.38, suggesting bears have significant control of the market. The Relative Strength Index (RSI) dropped from 83 to 66 after a bearish crossover, confirming the shift in momentum. With both indicators signaling continued weakness, a breach of the $12 support appears likely, potentially opening the path toward $10 if traders continue exiting positions. The broader cryptocurrency market weakness has been reflected in the S&P 500 Index closing down -0.63%, with the Nasdaq 100 Index falling -0.42% on Tuesday.
As reported by AMBCrypto, despite the bearish market structure, Dexe whales have remained active in the spot market and are actively buying around $12. The Spot Average Order Size data from CryptoQuant showed an increase in large whale orders at this price level, with the Spot Taker CVD metric indicating increased buy orders at $12 over the past two days. This whale demand provides a lifeline for the market, with potential to hold the $12 support and reclaim the $14.7 resistance level, setting the stage for a significant rebound. The whale accumulation contrasts with the broader market weakness, where Alaska Air Group closed down more than -4% after forecasting a Q2 adjusted loss per share of -$1.00, much wider than consensus expectations.
