DeXe price leads crypto gainers with a 20% rally, can bulls push higher?

DeXe price has surged more than 20% in a single day, climbing to a new all-time high on July 10 as a breakout above key resistance and heavy short liquidations propelled the token to the top of the cryptocurrency market.

According to data from crypto.news, DeXe (DEXE) price climbed to an all-time high of $36.34 before easing to around $34.30, still posting gains of more than 22% over the previous 24 hours. The move came after the token broke above the $28 resistance zone that had capped prices during a multi-day consolidation, triggering fresh buying activity as stop orders were activated and momentum traders entered the market.

Technical breakout fuels fresh price discovery

The rally gathered pace after DEXE completed a breakout from a bullish pennant that had formed between roughly $22 and $27. As price cleared the upper boundary of the pattern, buyers quickly pushed the token into price discovery, leaving no historical resistance overhead after it surpassed its previous record high.

Derivatives positioning added another layer of strength to the advance. Nearly 96% of liquidations over the past 24 hours came from short positions, forcing bearish traders to buy back their positions as prices accelerated. That short squeeze amplified spot demand and helped extend the rally beyond initial breakout targets.

Exchange liquidity also played a significant role. A large share of DEXE’s circulating supply remains locked in decentralized autonomous organization treasuries and long-term staking contracts, limiting the amount of tokens readily available for trading. With thinner order books absorbing a wave of buy orders, relatively modest inflows produced an outsized move in price.

The rally also coincided with improving sentiment across digital assets. After investors pulled back from risk assets earlier in the week following military tensions between the United States and Iran, easing geopolitical concerns encouraged capital to return to cryptocurrencies.

Bitcoin’s recovery above $63,000 supported renewed interest in high-beta altcoins, while CoinMarketCap’s Fear and Greed Index improved from 26 to 30, signaling a modest recovery in market confidence.

Momentum indicators continue supporting the uptrend

DeXe’s strong performance this year has also been supported by improving fundamentals. The protocol has gained attention as decentralized governance and artificial intelligence projects continue attracting investor interest, with the token rising roughly 750% year-to-date. Per data from DeFiLlama, the network also secures nearly $1.6 billion in total value locked, while maintaining a record free of smart contract exploits, adding to investor confidence.

Longer-term technical indicators remain constructive despite the rapid advance. The daily chart shows DEXE trading comfortably above its 50-day exponential moving average near $20.71 and its 200-day EMA around $12.91, highlighting the strength of the prevailing uptrend rather than a brief speculative spike.

Daily momentum indicators also continue to favor buyers. The MACD remains in a bullish crossover with an expanding positive histogram, while the Chaikin Money Flow sits around 0.25, indicating sustained capital inflows.

Although the latest daily candle formed a long upper wick after reaching a record high, suggesting some traders locked in profits, neither indicator currently signals a meaningful deterioration in momentum.

On-chain activity continues to reinforce the bullish case. Blockchain tracking data shows whale transactions worth more than $100,000 have climbed to record levels, while the number of wallet holders has steadily approached 50,000.

At the same time, the Relative Strength Index is moving toward the overbought 70 level, indicating the rally may pause or consolidate before buyers attempt another leg higher from record territory.