DeXe [DEXE] The chart shows that the stock has reached new highs in recent weeks. It gained 45% over the last seven days and more than 1000% for the 180-day period.
Capital has been retreating over the last 24 hours as investors step back to lock in profits. This has caused the asset’s value to drop by roughly 13%.
However, the chart structure indicates that there may be a short-term pullback. The price, on the other hand, is still in a position to continue its long-term upward trend.
DeXe doji candles expose a standoff
DeXe created two doji candle indicators in the morning hours.
A gravestone doji was formed as the price tried to continue its upward trend. Then, several candles later, a dragonfly-shaped doji appeared and indicated that bulls were stepping in.
The price is currently decidedly down, but the outcome in the short-term will depend on where the demand areas are located on the chart.
The demand zone 1, which is the first support line, could be the pivotal point for the price to move upwards and clear the liquidity overhead marked by the curving line at the left.
If the level of selling pressure keeps increasing and the price starts to fall, the demand zone will absorb that pressure and cushion the asset’s value.
Data on volume shows that the demand zone 1 is still the more likely outcome, as volume dropped by 36% during the period.
A falling volume and a declining price can often indicate that momentum is lacking, allowing buyers to gain control.
The indicators point towards a slower pace of growth rather than a reverse
Momentum indicators aren’t fully aligned with the bearish price action, and the Accumulation/Distribution (A/D) indicator captures that tension.
The A/D Line weights the volume of each period by the close price within its range. This serves as an indication whether an asset was being acquired or distributed.
It was somewhat upwards at the time when this report was written, but prices had fallen. A divergence like that indicates a slight increase in the activity of buyers during the period.
Likewise, at a reading 52, the relative Strength Index (RSI) remains within the bullish range of 50 to 70.
The RSI gauges the recent speed and size of price changes. Readings that are right in the middle indicate a relaxed, neutral mood rather than a definitive bearish turn.
According to the balance, the price will likely settle at this level which corresponds with demand.
Spot markets are experiencing a reduction in the selling pressure
Data from the Spot Market indicates a recent easing in selling pressure. On the 12th, spot netflow reached its highest sales net on July 12, as sellers were dominant and net flows totaled $5.38million.
The netflow is now just $391,000. This is a ten-fold drop from the previous reading.
It is important because this shows that seller power has been weakened on a basis of netflow, while buyers have stepped in.
Final summary
- DeXe’s price has risen more than 1,000% in the last six months. The current dip of 13% is more likely a profit taking after an impressive run, rather than a change in the trend.
- Sales have dropped sharply in the past day. Net sales were down by more than 10 times from their peak on July 12, a sign of buyers returning to the market.
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Source: ambcrypto.com
