DeXe [DEXE] extended its bearish streak for a third consecutive day, declining 7.50% over the past 24 hours to trade at $13.61. According to reports from TradingView, the asset has lost its grip on the critical $15.40 support level, which it previously broke above before falling back below. The breakdown of this key support level has reinforced selling pressure and shifted market sentiment in favor of bears. The asset recently broke above this level and continued its upward trend, but eventually fell back below it, shifting market sentiment in favor of the bears.
Despite the price decline, trading activity has increased significantly, with DEXE's trading volume surging 40% to $19.61 million at press time. As reported by TradingView, this increased volume indicates strong trader and investor interest in the asset's movement, even as prices continue to fall. The heightened trading activity suggests market participants are actively positioning themselves in response to the current price action.
Another factor contributing to DEXE's decline is significant selling pressure from crypto exchange LBank. According to reports from Crypto Analyst, LBank dumped a massive $1.68 million worth of DEXE tokens on Binance and may continue selling more tokens in the coming days. This substantial selling activity from a major exchange has added to the downward pressure on the asset's price. A recent crypto analyst post on X confirmed this substantial dumping activity, reinforcing the bearish sentiment.
Based on current price action, technical analysis suggests DEXE could experience a further decline of 25% if it remains below the $15.40 support level. As reported by TradingView, if the bearish momentum continues, the asset may reach the $10.26 level in the coming days. However, a price recovery would only become likely if DEXE reclaims the $15.40 level, which would invalidate the current bearish thesis. The Average Directional Index (ADX) has risen to 38.41, well above the key threshold of 25, reinforcing the ongoing bearish momentum and indicating that DEXE is experiencing a strong trend.
Despite the price decline and support level breakdown, trader sentiment remains mixed according to derivative data from CoinGlass. The Long/Short ratio stands at 1.1487, indicating that intraday traders continue to bet on long positions despite the bearish price action. However, investors appear to be following the trend by selling their holdings, with $410K worth of DEXE tokens transferred to exchanges over the past 24 hours. Key liquidation levels have emerged at $13.30 on the downside and $13.90 on the upside, with traders building $139.90K worth of long leveraged positions at the $13.30 level and $79.57K worth of short leveraged positions at the $13.90 level, indicating bulls domination.
