DeXe [DEXE] has been on a tear lately. The token printed fresh highs for weeks, gaining 45% in the past seven days alone. Over the last 180 days, it surged more than 1,000%. But in the last 24 hours, things have cooled off.
Buyers stepped back, locked in profits, and the price dropped roughly 13%. That said, the chart structure hints that this might be a temporary pullback. Price could still extend its upside over the longer term.
Doji candles reveal a standoff
DeXe showed two telling doji candles in the early hours of the day. The first was a gravestone doji. It reflected intense sell pressure as price tried to push higher. A few candles later, a dragonfly doji formed. That one signaled bulls stepping back in.
Right now, price looks bearish, but the outcome depends on key demand zones. Demand zone 1 offers the first line of support. A decent bounce there could push price upward and clear overhead liquidity. If selling continues and that level breaks, demand zone 2 might catch the fall.
I think demand zone 1 holding is the more likely scenario. Volume data supports this. Volume dropped 36% during the period. Declining volume with a falling price often means the momentum behind the move is weak. That leaves room for buyers to jump in.
Indicators suggest a slowdown, not a reversal
Momentum indicators don’t fully agree with the bearish price action. The Accumulation/Distribution (A/D) indicator shows this tension. The A/D line weights volume by where price closes. At the time of writing, it was drifting up even as prices fell. That divergence points to a modest increase in buyer activity.
The Relative Strength Index (RSI) also supports a neutral view. It sits at 52, within the bullish 50 to 70 band. The RSI measures speed and size of recent moves. A reading right on the midline suggests relaxed sentiment, not a decisive bearish shift. It looks like price might settle around this level, which lines up with the demand zone.
Sell pressure eases on the spot market
Spot market data shows sell pressure is fading. Netflow hit its highest net sales on July 12th, with sellers dominating and net inflows reaching $5.38 million. But now, netflow has dropped to just $391,000. That’s more than ten times lower. Sellers still have the edge, but their strength has weakened sharply. Buyers are starting to step in.
