DeXe (DEXE) has climbed to its highest level since early 2021, breaking above $28 on July 6 before settling near $27.70. The governance token has gained over 10% in the past 24 hours, roughly 25% over the last week, and nearly 40% over the past month, according to CoinGecko data.
The rally has been fueled by a combination of rising on-chain activity, favorable supply dynamics, and a short squeeze that accelerated the move higher. DEXE was also identified by CoinGecko as one of the week's strongest-performing artificial intelligence-related cryptocurrencies, drawing additional investor attention as capital rotated into select altcoins.
On-Chain Metrics Signal Broad Accumulation
Santiment data reveals record levels of whale transactions, new wallet creation, and active addresses during the rally, indicating that both institutional-scale investors and retail participants are accumulating DEXE. The project's supply dynamics have also supported the price surge: a large portion of DEXE is locked in protocol treasuries, DAO-controlled wallets, and ecosystem allocations, leaving fewer tokens readily available on exchanges. This scarcity allows fresh demand to have an outsized impact on price.
Macroeconomic conditions have also worked in the token's favor. Following weaker-than-expected US Nonfarm Payrolls data released on July 3, investors increased expectations that the Federal Reserve could eventually adopt a more accommodative policy stance. Treasury yields declined while the US dollar came under pressure, creating a favorable backdrop for risk assets like DEXE.
Strong Fundamentals Underpin the Move
DeXe currently supports more than 100 decentralized autonomous organizations (DAOs) and secures roughly $1.7 billion in total value locked (TVL). This gives investors exposure to governance infrastructure alongside the growing DAO ecosystem. As investors increasingly focus on projects backed by measurable network activity rather than speculative narratives, DEXE has benefited from renewed buying interest.
Derivatives positioning appears to have accelerated the advance. After the price broke above multiple technical resistance levels, leveraged short sellers were likely forced to close positions, adding fresh buying pressure alongside spot market demand. Coinglass data shows a spike in short liquidations as DEXE pushed toward multi-year highs.
Technical Analysis: Consolidation Before Next Leg?
On the 4-hour chart, DEXE remains comfortably above its 20, 50, 100, and 200 exponential moving averages (EMAs), with shorter-term averages holding above longer-term ones in a bullish alignment. After breaking out from several days of consolidation, the token quickly rallied toward the $29 region before entering a narrow trading range.
Momentum indicators suggest the rally is cooling rather than reversing. The 4-hour Relative Strength Index (RSI) has eased to around 71 after briefly pushing deeper into overbought territory, indicating that buying pressure has moderated while remaining elevated. The MACD continues to hold above its signal line with a positive histogram, although shrinking histogram bars point to slowing upside momentum rather than a confirmed bearish reversal.
Session VWAP data indicates that buyers are defending recent gains. DEXE has consolidated around the session VWAP after briefly trading above it, suggesting that selling pressure has so far been absorbed instead of triggering a deeper correction.
Can Bulls Push Toward the All-Time High?
As of publication time, DEXE was trading less than 15% below its all-time high of $32.38, reached in March 2021. For now, indicators suggest the token is consolidating after the recent rally, and there is little evidence to support that the uptrend has ended. As long as DEXE holds above its key moving averages, traders may look for another attempt to challenge the recent high near $29. A sustained break above that level could open the way for a move toward higher resistance as DEXE edges closer to its ATH.
For broader market context, see our coverage of Dow Edges Lower as Chip Rally Offsets Iran Tensions, Fed Minutes Eyed and Ethereum's 10% Rally Faces $1,800 Resistance: Can Bulls Break Through?
This article is for informational purposes only and does not constitute financial advice.
