DEXE deviated from the bearish trend that was prevalent within the broader crypto market to post gains on Monday.
The native token of DeXe Protocol rallied nearly 17.27% on Feb. 3 to hit an intraday high of $23.22 as the major cryptocurrencies struggled to recover from a market-wide crash triggered by U.S. President Donald Trump’s double-digit trade tariffs on Canada, Mexico, and China.
Bitcoin (BTC) fell nearly 6%, while losses were more pronounced across major altcoins. Ethereum (ETH) dropped over 16% in the past day, while Ripple (XRP), BNB (BNB), and Cardano (ADA) declined between 10-20%. The total crypto market capitalization had lost roughly 10% of its value in the past 24 hours.
In contrast, DEXE was up over 7% when writing, hovering over $22.53. It was also one of the best-performing tokens for the past month, up 26% in January, while its yearly gains extended to 676%.
Why is DEXE going up?
Several factors are fuelling DEXE’s recent rally.
Dune analytics data shows that the number of DEXE holders has steadily increased in recent months across both Ethereum and BNB. As of Feb. 2, 53,768 investors held DEXE, up from 41,391 seen at the end of August last year.
The bullish momentum was also fuelled by hype surrounding recent ecosystem developments, including DeXe Protocol’s launch on Ethereum, integrating over $1 billion in DEXE tokens into governance via DeXe DAO. Other key milestones included locking the DAO Treasury, introducing staking-governance features for DAOs, and launching staking for DeXe DAO to enhance community engagement.
DEXE’s rally coincided with a steady rise in staking activity on its protocol. DeXe protocol’s one-month staking tier held over 11.3 million DEX, the three-month tier held over 2.82 million tokens, and the six-month pool held roughly 690,000 tokens at publication time. By Jan. 30, 20% of the token’s total supply had been staked.
Traders were also likely bullish over upcoming developments like the launch of DeXe dApp v2 and key partnerships, as mentioned in its 2025 roadmap unveiled last month.
🔥The Next Big Steps for DeXe Protocol Are Here!🔥
💥DeXe DAO thoroughly discussed and refined the Strategic coordination of the following steps for DeXe Protocol, and the plan is now in motion! Building on this collective effort, we’re taking bold actions to redefine the future… pic.twitter.com/K6Q9cJiLbK
— DeXe Protocol (@DexeNetwork) January 2, 2025
Technical analysis
In the 1-day DEXE/USDT chart, the 50-day moving average has moved higher above the 200-day MA, suggesting that bulls are currently dominating its market. The Aroon indicator supports this with the Aroon Up at 100% and Aroon Down at 64%, which means the strength of the uptrend is far higher, which could help the rally extend further in the coming days.
Further, the Relative Strength Index at 62 also indicates there’s still room for growth before the asset becomes overbought. If it reaches overbought levels, DEXE could see a small pullback in price before continuing its rally.
Hence, DEXE could continue its rally, targeting the next psychological resistance at $25. However, if a reversal occurs, the altcoin will find strong support at $15.8, which aligns with the 50-day MA on the daily chart.
