DeXe (DEXE) has continued to attract attention after rising nearly 45% over the past months, while on-chain activity has reached historic levels across multiple metrics. According to Santimentdaily active addresses rose to an all-time high of 298, highlighting the network’s strongest engagement since launch.
Network growth also rose to 86 new wallets, marking its highest reading since December 2020 and reflecting renewed user adoption. Whale activity strengthened alongside retail participation, with eighteen transactions worth more than $100,000 setting another record. These developments are consistent with a prolonged DEXE rally rather than appearing as isolated spikes.
Additionally, reports indicated that more coins have left trading platforms, reinforcing broader accumulation trends. As a result, network engagement became increasingly aligned with price performance, fostering confidence that true expansion of the ecosystem was fueling continued progress.
Why are top traders on Binance so short?
Despite DEXE’s continued strength, top traders on Binance have continued to position their positions cautiously throughout the recent advance.
At the time of writing, CoinGlass analytics showed that only 24.62% of top traders’ accounts held long positions, while 75.38% maintained short exposures. The imbalance left the buy/sell ratio at just 0.33, showing that professional traders have not fully embraced the ongoing rally.
However, the DEXE continued to maintain high price levels despite persistent bearish positions. This divergence often reflects uncertainties rather than immediate selling pressure because the price has remained resilient while bearish bets have piled up.
If buyers continue to absorb this pressure, heavily shorted positions could increase the potential for additional upside through forced short covering. However, continued buying interest will still need to outweigh renewed selling before sentiment turns decisively.
Can DEXE clear the next resistance barrier?
Dixie It approached a crucial resistance level near $24.61 after reclaiming the $19.77 level with a strong weekly candle. TThe next major target was near $30, which represents the highest visible resistance on the weekly chart.
At the time of writing, the MACD continued to support the broader uptrend as the MACD line remained above the signal line while both indicators rose into positive territory. Although the chart narrowed slightly, the upward strength remained intact rather than reversing.
Therefore, buyers retained control as long as DEXE defended the support around $19.77. Losing this level could expose a deeper pullback towards the $13.81 level. However, holding above current support would keep the way open for another attempt at the $24.61 barrier before any move towards $30 develops.
DEXE funding reflects bullish sentiment
OI weighted funding rates remained positive throughout most of June after recovering from several weeks of negative readings earlier in the quarter. The latest reading was 0.0059%, confirming that leveraged traders are still paying a premium to maintain long positions.
Positive financing alone did not guarantee further gains. However, it reflected confidence that buyers will continue to support higher prices despite occasional fluctuations. Funding spikes earlier in June also coincided with DEXE’s ongoing recovery, showing that leveraged participation expanded alongside the price.
As long as financing remains positive without reaching excessive levels, leveraged positions are likely to continue to support the trend rather than indicate immediate exhaustion.
Can logging network activity keep DEXE high?
Record cross-chain engagement strengthened the case for DEXE’s rise as user activity, whale transactions, and network growth all reached exceptional levels.
The price also settled above a major support level while technical indicators continued to favor buyers. If DEXE breaks the $24.61 level as demand continues, the rally could extend towards the $30 resistance level.
Final summary
- Record user activity and whale transactions continued, fueling DEXE’s rally despite widespread short positions.
- The DEXE settled above the major support level, leaving the resistance level at $24.6 as the next major price test.
