Here’s why DeXe’s price is soaring and what to anticipate moving forward

The DeXe Protocol token (DEXE) has been experiencing significant growth this year, with the token’s price soaring to $19.75, marking a 155% increase from its lowest point in 2024. This surge comes as market participants are anticipating important developments within the DeXe ecosystem, alongside an increase in staking activity.

DeXe’s price rally is accompanied by a steady rise in staking volume, particularly in the one-month staking tier, which now holds 11.3 million DEXE tokens, valued at over $214 million. Stakers in this tier are set to receive a 10% yield. In addition, the three-month staking tier holds 2.82 million tokens, offering an annual percentage rate (APR) of 14.20%, while the six-month tier has 690,000 tokens staked. The 12-month and 24-month tiers offer even higher returns, with 500,000 tokens and 40,000 tokens staked, respectively, delivering yields of 20% and a remarkable 127%.

The token’s surge in price is also attributed to the unveiling of the DeXe Protocol’s roadmap for 2024. Significant milestones are on the horizon, including the release of the DeXe Protocol on Ethereum, locking the DAO Treasury in the DeXe protocol, and launching staking services for the DeXe DAO. These developments have sparked positive sentiment and investor interest.

Additionally, the increase in DeXe holders is a contributing factor to the token’s performance. According to CoinCarp, the number of DEXE holders has risen from 2,450 to 2,521 in a month. This surge in holders could be attributed to FOMO (fear of missing out) among investors, especially after Binance introduced futures copy trading for DeXe, driving further demand.

DeXe Price Analysis

Looking at the price chart, DeXe has experienced a rebound, reaching a high of $21.50. This rally follows a period of consolidation from August to December 2023, which aligns with the accumulation phase in the Wyckoff Method—a popular market analysis approach. DeXe now appears to be in the markup phase, but it is nearing a potential distribution phase.

The token is forming a double-top pattern at the $21.50 level, which signals a potential reversal. Additionally, a bearish rising wedge chart pattern is forming, and both the Relative Strength Index (RSI) and the MACD indicators have shown bearish divergence, further suggesting a possible downturn in price.

Based on this technical analysis, DeXe’s price may face a bearish breakdown in the near future, with a potential target of $15. Investors should closely monitor these developments, as the token may experience a correction following its impressive rally.