DEXE surged after breaking through the $16 resistance level, with a 24-hour gain of 22%. As of press time, the price was approximately $17.65, with daily trading volume reaching $42.5 million, a 99% increase from the previous day. After breaking through a key price level that had suppressed the price for weeks, the market is beginning to reassess the sustainability of this rally.
Buying pressure increased significantly after the breakout.
The simultaneous rise in price and trading volume indicates that this upward breakout was not solely driven by low liquidity, but rather by a significant increase in short-term capital participation. The $16 level has acted as resistance since April 2025; now that it has been broken, market focus has shifted to whether this level can become support.
From the chart chart, the DEXE has climbed back above the 200-day exponential moving average. Meanwhile, the ADX has risen to 40.32, indicating strong upward momentum rather than a limited rebound.
The futures market remains bearish.
Despite the strengthening of the spot market, derivatives traders remain cautious. CoinGlass data shows that the weighted average funding rate for open interest on DEXE has turned negative, falling to -0.0020%.
Binance's long/short ratio also fell to 0.547, indicating that short positions still outnumber long positions. Negative funding rates typically mean that some contract traders are still betting on a price pullback and have not yet fully accepted the breakout.
Exchange reserves continue to decline
On-chain data provides another set of signals. Nansen data shows that DEXE exchange reserves have decreased by 14.81% in the past 30 days, reflecting that some holders have transferred their tokens out of the trading platform and into private wallets.
Such changes typically indicate a tightening of short-term selling pressure. Overall, the recent rise in DEXE has been supported by changes in spot trading volume and on-chain open interest, but the futures market remains conservative. The focus going forward remains on whether it can sustain its position above $16.
