DEXE Rises Among Top DeFi Gainers – Is $24 the Next Target?

The DeXe Network (DEXE) has experienced a surge of 12.4% in the last 24 hours, contributing to the total DeFi market capitalization of $117 billion. With increased activity across various cryptocurrencies, DEXE's momentum suggests potential price targets of $16, $20, and possibly $24, while key support and resistance levels are also identified.

Key Takeaways

DEXE's value surged by 12.4% within the last day.
The total DeFi market cap stands at $117 billion.
Price targets for DEXE include $16, $20, and $24.
Support at $13.20 and resistance at $16 set the trading landscape.
Significant trading volume has been noted, indicating increased trader interest.

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Main Content

Recently, the DeXe Network [DEXE] climbed 12.4% over the past 24 hours, gaining traction as the overall DeFi sector's market cap reached $117 billion. The leading positions in DeFi are held by Lido [LDO] at $23.4 billion, Hyperliquid [HYPE] at $11.0 billion, and Chainlink [LINK] at $10.7 billion, with market shares of 20%, 9.42%, and 9.10% respectively.

In the weekly gainers, Zebec Protocol [ZBCN] surged by an impressive 161%, Tellor [TRB] increased by 81.1%, and Lorenzo Protocol [BANK] grew by 21.9%. This uptrend signifies a growing acceptance of DeFi, and with the crypto market rallying, DEXE has followed suit.

After a 12% increase in the past day, DEXE achieved its highest trading volume, rocketing by 597%. The price managed to breach over the descending resistance of a falling wedge, settling at $13.857. This breakout occurred after DEXE hovered in a "Buy Zone" between $12.50 and $13.50, indicating this range was crucial for traders looking to accumulate.

If DEXE can maintain its position above the upper boundary, it may aim for $16.00 and could potentially reach upward towards $20.00 and $24.00, which were its highs earlier in February.

Conversely, if DEXE fails to break through resistance, the price might revert back to the wedge formation around $12.50 and $13.50 for further consolidation. A drop below $11.300 would indicate a breach of the bullish formation.

The recent breakout aligns with the typical falling wedge reversal pattern, suggesting that a continuation of bullish activity is feasible, provided that price closes above the resistance level.

Important support is identified at $13.20, with resistance positioned at $16.00, while $24 serves as an ambitious bullish target. Additional analysis highlights that there are 268,212 positions concentrated at the $13.42 price level. This indicates that there are dense clusters on the DEXE/USDT liquidation heatmap just beneath the current price of $14.16.

Should DEXE's price dip towards $13.42, significant long liquidations could occur, leading to selling pressure. Conversely, buyers might be sharpening their defenses against selling at these new liquidation boundaries.

If DEXE tests the $13.42 area, rapid closure of short positions for profit could drive the price higher. The upward trend above $14 could persist unless one of the key zones between $14.5 and $14.85 is breached.