DeXe (DEXE) surged more than 20% on July 10, reaching a new all-time high of $36.34 before settling near $34.30, as a technical breakout and heavy short liquidations propelled the token to lead crypto market gainers.
Technical breakout fuels fresh price discovery
The rally accelerated after DEXE broke above the $28 resistance zone, completing a bullish pennant pattern that had formed between roughly $22 and $27. Once price cleared the upper boundary, buyers pushed the token into price discovery territory with no historical overhead resistance.
Derivatives positioning added significant strength: nearly 96% of liquidations over the past 24 hours came from short positions, forcing bearish traders to buy back as prices rose. That short squeeze amplified spot demand and extended the rally beyond initial breakout targets.
Exchange liquidity also played a key role. A large portion of DEXE's circulating supply remains locked in DAO treasuries and long-term staking contracts, limiting available tokens. With thinner order books absorbing buy orders, relatively modest inflows produced an outsized price move.
The rally coincided with improving sentiment across digital assets. After investors pulled back earlier in the week following US-Iran military tensions, easing geopolitical concerns encouraged capital to return to crypto. Bitcoin's recovery above $63,000 supported renewed interest in high-beta altcoins, while the Fear and Greed Index improved from 26 to 30.
Momentum indicators continue supporting the uptrend
DeXe's strong performance this year has been backed by improving fundamentals. The protocol has gained attention in decentralized governance and AI projects, with the token rising roughly 750% year-to-date. According to DeFiLlama, the network secures nearly $1.6 billion in total value locked and maintains a record free of smart contract exploits.
Longer-term technical indicators remain constructive. DEXE trades comfortably above its 50-day EMA near $20.71 and its 200-day EMA around $12.91, highlighting the strength of the prevailing uptrend. The MACD shows a bullish crossover with an expanding positive histogram, while the Chaikin Money Flow sits around 0.25, indicating sustained capital inflows.
On-chain activity reinforces the bullish case. Whale transactions worth more than $100,000 have climbed to record levels, and the number of wallet holders has steadily approached 50,000. However, the Relative Strength Index is moving toward the overbought 70 level, suggesting the rally may pause or consolidate before another leg higher.