DeXe Protocol Token DEXE Defies Market Trend with 17.27% Rally

The native token of DeXe Protocol, DEXE, bucked the bearish trend prevalent in the broader crypto market to post significant gains on Monday, February 3. Despite a market-wide crash triggered by U.S. President Donald Trump’s double-digit trade tariffs on Canada, Mexico, and China, DEXE rallied nearly 17.27% to hit an intraday high of $23.22.

Market Performance

Major cryptocurrencies, including Bitcoin and Ethereum, struggled to recover from the crash, with Bitcoin falling nearly 6% and Ethereum dropping over 16% in the past day. Other major altcoins, such as Ripple, BNB, and Cardano, declined between 10-20%. The total crypto market capitalization lost roughly 10% of its value in the past 24 hours.

In contrast, DEXE was up over 7% at the time of writing, hovering around $22.53. The token has also been one of the best-performing assets in the past month, with a 26% gain in January and a yearly gain of 676%.

Factors Behind the Rally

Several factors are contributing to DEXE’s recent rally. According to Dune analytics data, the number of DEXE holders has steadily increased across both Ethereum and BNB in recent months. As of February 2, 53,768 investors held DEXE, up from 41,391 at the end of August last year.

The bullish momentum has also been fueled 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
  • Locking the DAO Treasury
  • Introducing staking-governance features for DAOs
  • Launching staking for DeXe DAO to enhance community engagement

Staking Activity and Upcoming Developments

DEXE’s rally coincided with a steady rise in staking activity on its protocol. The one-month staking tier held over 11.3 million DEXE, the three-month tier held over 2.82 million tokens, and the six-month pool held roughly 690,000 tokens. By January 30, 20% of the token’s total supply had been staked.

Traders are also likely bullish over upcoming developments, such as the launch of DeXe dApp v2 and key partnerships, as mentioned in its 2025 roadmap.

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 the market. The Aroon indicator supports this, with the Aroon Up at 100% and Aroon Down at 64%.

The Relative Strength Index at 62 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.

Based on the technical analysis, 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.

For more news and updates on the crypto market, visit Global Crypto News.

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