DEXE Explodes 11%, Is the 481% Volume Spike a Sign of a Bull Run?

• DEXE has climbed over 11%, reaching $14.
• Its daily trading volume has surged by 481%.

A 2.66% brief slip in the broader crypto market cap has pulled it to $3.33 trillion. The assets are struggling between losses and gains, attempting to step into the green zone. Bitcoin has tumbled to the $105.8K range. Meanwhile, DeXe (DEXE) has climbed over 11.23%, securing a top spot among the gainers in the last 24 hours. 

The asset opened the day trading at around $13.68, hitting the daily low. After the bulls chose to trade on the upside, initiating the rally, DEXE has pushed the price to the $14.36 range. The crucial resistance levels at $13.82 and $14.20 are tested to reinforce the bullish pressure.

At the time of writing, DEXE traded at around $14.07, with its market cap staying at $1.17 billion. Also, the asset’s daily trading volume has increased by over 481%, reaching $63.34 million, as per CMC data. 

Can DEXE Bulls Power Through and Keep the Rally Going?

The upside correction of DEXE has the potential to jump to the nearby resistance range at around $14.20. A continuous gain could trigger the formation of a golden cross, which likely pushes the asset’s price above the $14.35 level. With the strong bullish pressure, the price might see more upside. 

Assuming the downtrend emerges, DEXE could witness a slip in price, immediately testing the support at the $13.90 range. Once the price reinforces its downside correction, a death cross might take place and likely send the asset toward the $13.70 mark.

Notably, the Moving Average Convergence Divergence (MACD) line of DEXE has crossed above the signal line. This points out the bullish crossover, and the asset’s price movement is gaining strength. This is viewed by traders as a potential entry point. Additionally, the Chaikin Money Flow (CMF) indicator settled at 0.33, which hints at strong buying pressure and more money is flowing into the asset than out — a bullish sign for price momentum. 

In addition, DEXE’s Bull Bear Power (BBP) reading of 1.214 indicates a bullish strength, with the buyers controlling the market and driving the prices up. Furthermore, the daily relative strength index (RSI) reading of 76.26 indicates that the asset is in the overbought region, also suggesting a pullback or correction.