In a day of broad crypto market declines, the altcoin DeXe (DEXE) surged by approximately 50%, reaching around $23. While analysts pointed to new exchange listings and a strong chart structure for the rally, a key technical indicator suggests the token is now extremely overbought. Some traders have already taken short positions, anticipating a potential correction.
The broader cryptocurrency market experienced significant instability, with Bitcoin briefly falling below $62,000. Amid this downturn, the altcoin DeXe (DEXE) defied the trend with a double-digit surge. Its price rose to around $23, marking a sharp 50% increase from the previous day.
A key catalyst for the rally was MEXC‘s support, as the exchange included DEXE in its futures trading section. Analyst “The Boss” claimed the token shows strong structure and suggested a continued uptrend could push it toward $39. Another analyst, OxNeena, observed DEXE breaking out of a bullish pattern that could target $27.
Contrary to this optimism, some traders are anticipating a pullback. Crypto with Haris ₿ opened a short position, describing the $22.80-$23.30 zone as critical. “If buyers were still fully in control, price should have already reclaimed the recent highs. Instead, DEXE is struggling below resistance while volume is cooling down,” the analyst explained.
A technical indicator supports the cautionary view. DeXe’s Relative Strength Index climbed to 87, placing it deep in overbought territory. This condition often precedes a price correction, suggesting the recent explosive rally may be due for a pause.
