While many cryptocurrencies struggle with price declines, DEXE has bucked the trend, emerging as the market’s top gainer in the past 24 hours. The governance token has outperformed many leading assets, which have faced losses during the same period.
With steady demand for the token, it may extend its gains in the short term.
DEXE Leads Market Rally
The DeXe protocol is an open-source platform for creating and managing decentralized autonomous organizations (DAOs). The DeXe DAO, which has DEXE as its governance token, controls the protocol.
DEXE currently trades at $22.67, noting a 4% price surge over the past 24 hours, making it the market’s top gainer. This rally has pushed the token’s price to its highest level since December 2021. With strengthening demand, DEXE appears poised to maintain this uptrend.
The setup of its Super Trend indicator supports this bullish outlook. At press time, the indicator’s green line acts as dynamic support for DEXE’s price at $14.52.
This momentum indicator helps traders identify the market’s direction by placing a line above or below the price chart based on the asset’s volatility. As with DEXE, when an asset’s price trades above the green line of the Super Trend indicator, it signals a bullish trend, indicating that the market is in an uptrend and that buying pressure is dominant.
Moreover, DEXE’s Aroon Up Line at 100% indicates its current uptrend is strong. The Aroon indicator measures the strength and direction of a trend by analyzing the time since an asset’s recent highs (Aroon Up) and lows (Aroon Down).
DEXE Aroon Indicator. Source: TradingView
When an asset’s Aroon Up line is at 100%, it indicates that its most recent high was reached very recently. This is true of DEXE, which currently trades at a four-year high.
DEXE Price Prediction: Is an All-Time High on the Horizon?
If this bullish pressure persists and DEXE maintains its uptrend, it could climb to its all-time high of $35.41, which it last reached in March 2021.
However, DEXE could shed its recent gains and drop toward $17.89 if profit-taking makes a comeback.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
