Here’s Why DeXe (DEXE) Price Pumped 44%

The DeXe price has climbed sharply over the past week as momentum builds across the altcoin market. At writing, DEXE is trading around $5.46, up more than 16% in the past day and roughly 44% over the past week.

Trading activity has also increased. Daily volume has jumped about 68%, making DEXE one of the top gainers in the crypto market right now. The rise comes as investors rotate capital into smaller altcoins looking for stronger returns.

One of the main reasons for this is the broader altcoin rotation that has been happening in the market. This has been evidenced by the Altcoin Season Index increasing to 41, up by more than 10 points in the last week, as can be seen from the data provided by CoinMarketCap.

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DeXe (DEXE) has been a token that has been performing well in this regard. It has already gained 154% in the last 30 days and has seen its price rise by 19.9%, which has easily surpassed the gains made by Bitcoin in the last 30 days. In such markets, the tendency for traders to invest in the token that has already been performing well can be seen.

Another factor that supports this rally is the significant increase in trading volume. The trading volume for DEXE has increased up to nearly $26 million, and this further supports the claim that the price increase has been backed by significant volume. 

When the price and volume both increase, this further supports the claim that the price increase has been backed by buyers entering the market and that the increase has not been driven by low liquidity.

What’s interesting is that there hasn’t been any big announcement or update tied to this price jump. So the rally doesn’t seem to be coming from one specific piece of news. It looks more like traders are simply piling in as money moves from Bitcoin into smaller altcoins with strong momentum.

That said, the team behind DeXe has still been talking about what the project is building. In recent days, they noted features such as its smart contracts, its on-chain treasury, and its features that help DAOs transparently make decisions. All of these are part of a larger concept that is becoming more popular in Web3. It is decentralized governance.

That narrative may also be helping sentiment around the project, especially as DAO infrastructure continues to attract attention across Web3.

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Here’s What The DeXe Chart Is Showing

We took a look at the 4-hour chart, DEXE appears to have completed a long accumulation phase before breaking higher. 

The DEXE price spent several weeks trending lower and forming a base near the $2 range, where buyers eventually stepped in. Since that level, the market has been building a series of higher lows before resuming a strong uptrend, especially after the start of March.

However, the latest breakout has resulted in the price moving towards the range of $5.40 to $5.50, which has been one of the stronger movements in the last year or so. 

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After the correction in the price towards the $5 mark, the buyers have immediately entered the market and have moved the price towards the highs once again, which reflects the higher bullish sentiment in the market.

The market indicators are also showing a bullish pattern, although it appears the uptrend is becoming overextended.

The RSI is near the overbought region, indicating the price has been rising rapidly. The Williams %R is near the top of the scale, showing the high level of buying pressure within the market.

The ATR is increasing, which means the DEXE price is becoming volatile. The funding rates are stable, indicating the uptrend is driven by spot rather than leverage.

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The post Here’s Why DeXe (DEXE) Price Pumped 44% appeared first on CaptainAltcoin.