The cryptocurrency DeXe (DEXE) has experienced a significant downturn, dropping from a high of $16 to a low of $11. At press time, it traded at $12, down 11.5% daily as market capitalization fell 12%, indicating capital outflows. Data shows retail futures traders have closed positions, contributing to bearish momentum. However, on-chain activity suggests whales are attempting to defend the $12 support level through accumulation in the spot market, offering a potential stabilization point.
Despite a broader market cooldown, DeXe has shown pronounced weakness in a steep downtrend. At press time, DEXE traded at $12, down 11.5% on the daily charts with its market cap dropping 12%.
Futures retail trading activity data indicated excessive retail orders after a rally to $16.2. This suggested that retail traders have largely dominated the futures market over the past week.
Open Interest dropped 8% to $33 million while Derivatives Volume rose 25% to $90 million. A rise in volume while OI declined suggested increased trading activity with traders closing positions.
The altcoin’s Futures Netflow dropped 174% to negative $1.21 million. A negative net flow suggested that more positions closed over this period, a classic risk-off sentiment pattern.
Bearish momentum strengthened as the Bulls vs. Bears indicator turned negative. At press time, the indicator sat around -20.38, suggesting that bears currently have significant control.
The Relative Strength Index confirmed this shift, dropping from 83 to 66 after a bearish crossover. With both indicators signaling continued weakness, a breach of the $12 support appears likely.
While the market structure remains bearish, participants in the spot market have attempted to absorb selling pressure. DEXE whales have remained active on the spot and are actively buying.
Spot Taker CVD data shows increased buy orders at $12 the past two days, which coincided with the market drop. Thus, whale demand remains consistent, thus offering the market a lifeline.
