With a bullish reversal for DEXE in a falling channel, the shift in the underlying momentum teases a breakout run. Will the buyers surpass the high supply trendline for a run to $12?
As Bitcoin hangs at $58,500 and Ethereum at $2,620, altcoins are starting to give early signs of recovery. Despite $50 million worth of long liquidations, some altcoins are starting the week on a slightly bullish note.
In a union of Meme and DeFi, DEXE is among the top performers today, with an intraday gain of 1.44%. Further, the 24-hour rise accounts for 7.98% and completes a four-day streak of bullish candles. Will this uprising boost DEXE to $12?
DEXE Shoots up with a Double Bottom
The DEXE token shows a declining trend in the daily chart, resulting in lower highs and lower lows. Furthermore, the price action forms two parallel trendlines, keeping the DEXE price in a bearish channel.
The bearish downfall accounts for a 50% drop since June 2024, starting from $14 to the bottom baseline of $7. However, the bullish dominance at the psychological mark of $7 results in a double-bottom pattern.
The neckline of the bullish reversal pattern stands at $7.80. On August 17, DEXE initiated this bullish reversal with the recent morning star pattern. Further, it accounts for a 13% jump in four days.
Coming to the technical indicators, the daily RSI line indicates a bullish divergence amid the previous two declines. This increases the possibility of a bullish breakout rally. However, the declining 15-day SMA warns of a death cross with the 200-day SMA. Meanwhile, the pre-existing bearish crossover of the 100-day and 200-day SMA keeps a bearish tone over the daily chart.
Growing Transactions Tease a Bull Run in DEXE
According to recent data from Intotheblock, large transactions have increased by over 5%. In addition, DEXE holders making money at the current price account for 62% of all holders, with 77% of holders holding the token for over a year.
However, 99% of the circulating supply is concentrated by large holders, which is a ticking time bomb considering the chances of a pump-and-dump scenario.
Will DEXE Hit $12?
Currently, the intraday growth of 1.47% as DEXE trades at $7.86 tests the double-bottom neckline. A bullish breakout of the double-bottom pattern will put the overhead resistance red line at risk, signaling a potential bullish breakout.
The breakout rally will face the next resistance levels at $8.60, $10.80, and $12.86. In case of a bearish reversal from the overhead trendline, the next support levels are at $6.96 and $6.00.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
