DeXe [DEXE] has experienced a significant decline of 15%, falling from $18.6 to a low of $15.3, as reported by AMBCrypto. The altcoin has now dropped below the crucial $19 support level, with traders turning extremely cautious and rushing to close positions. This represents a further deterioration from the previous 11.08% decline reported earlier, with the token now trading at $15.6 as of latest data. The price movement reflects extreme volatility over the past week, with $23 becoming strong resistance and $15 as ideal support.
According to AMBCrypto's latest analysis, DEXE has fallen below both the 20 and 50-day EMAs, signaling strong bearish pressure. The altcoin's Directional indicators show the -DI jumping to 22 while the +DI dropped to 23, with the negative index continually at risk of a crossover that would validate the downtrend. If the -DI crosses the +DI, DEXE will breach the $15 support and drop to $13.5. However, the token's previous bearish divergence between RSI and price action over the past two weeks continues to influence the current bearish sentiment.
DEXE's Open Interest dropped 14% to $54 million while volume rose 80%, according to CoinGlass data, indicating increased participation as traders exited positions. The Perps Sell Volume rose to 420k while buy volume dropped to 358k, confirming that sellers dominated the market. This increased market exit typically causes short-term price shocks, with traders withdrawing capital from derivatives leading to immediate price drops. The altcoin's Perps Buy Sell Volume pattern suggests traders turned bearish and closed their positions, contributing to the current decline.
Despite the bearish derivatives activity, small whales are showing renewed demand on the spot market. According to CoinGlass data, Spot Netflow turned negative on June 17th, with Netflow around -$124k at press time, a significant drop from $233k the previous day. This negative NetFlow indicates that more capital flowed out of exchanges, with more traders buying than selling. Small-whale orders have jumped significantly while large-whale orders disappeared, suggesting that small whales are still active on the buy side and may provide support for DEXE's potential rebound from the current decline.
