DEXE's decline continued, dropping from $18.6 to $15.3 in the past day before recovering to around $15.6. Over the past week, the token has seen significantly increased volatility, with resistance forming around $23 and short-term support at $15.
Contract funds exit accelerated
Derivatives data shows a clear weakening of market sentiment. After DEXE fell below $19, traders' risk appetite decreased, with more funds choosing to close positions and exit rather than adding to them.
CoinGlass data shows that DEXE open interest fell 14% to $54 million, while trading volume increased by 80% over the same period. This combination typically indicates increased market participation, but it mainly comes from the exit of existing positions rather than new directional bets.
Meanwhile, trading volume in perpetual contracts also leaned towards sellers. Selling volume rose to 420,000, while buying volume fell to 358,000, indicating that short-term selling pressure still dominates the trading rhythm.
Spot market saw buying on dips
Unlike the futures market, the spot market has begun to see some buying support. CoinGlass data shows that the net outflow of DEXE spot funds turned negative on June 17, with the latest figure being a net outflow of approximately $124,000, compared to a net inflow of $233,000 the previous day.
Net outflows in the spot market typically mean more tokens are being withdrawn from exchanges, reflecting an increase in instances of buying and then transferring holdings. According to AMBCrypto's analysis, this suggests that some funds are attempting to accumulate positions during the price decline.
The article also mentions that current buying is more likely to come from small to medium-sized large investors. These orders increase when market volatility intensifies, while larger whale trades relatively decrease.
$15 becomes the short-term focus
From a trend indicator perspective, the upward momentum of the DEXE has clearly weakened. The article mentions that among its directional indicators, the negative indicator has risen to 22, while the positive indicator has fallen back to 23, and the gap between the two is narrowing.
If the negative indicator crosses above the positive indicator further, it could strengthen the current downtrend, and the price may break below the $15 support level and continue testing the $13.5 area. Conversely, if spot buying continues, DEXE still has a chance to stabilize around $15 and return to the $19.6 level.
