Here’s why the DeXe price is soaring and what to expect

The DeXe Protocol token has performed well this year as market participants anticipate major developments in the ecosystem and as its staking volume increases.

DeXe (DEXE) price climbed to a high of $19.75 this week, up by 155% from its lowest level this year, making it one of the best-performing coins.

The token’s rally occurred alongside a steady rise in the amount of money staked on its protocol. The one-month staking tier now holds 11.3 million DEXE tokens, valued at over $214 million. These holders will receive a 10% yield.

The three-month tier holds 2.82 million DEXE tokens with an APR of 14.20%, while the six-month tier contains 690,000 tokens. The 12-month and 24-month tiers have attracted 500,000 and 40,000 tokens, offering returns of 20% and 127%, respectively.

DeXe’s price also surged after developers unveiled their roadmap for the year. Key planned events include the release of the DeXe Protocol on Ethereum (ETH), locking the DAO Treasury in the DeXe protocol, and launching staking for DeXe DAO. 

The token’s rally was further supported by a steady increase in the number of token holders. According to CoinCarp, the number of DEXE holders rose to 2,521 on January 21, up from 2,450 a month earlier. Some of these investors likely bought in due to fear of missing out and the recent addition of the futures copy trading service by Binance.

DeXe price analysis

The daily chart shows that DeXe’s price has rebounded, reaching a high of $21.50. This rebound followed a consolidation phase that lasted from August to December last year. That period of consolidation aligns with the accumulation phase of the Wyckoff Method.

DeXe has now entered the markup phase and appears to be approaching the distribution stage. The token is also in the process of forming a double-top pattern at $21.50, along with the bearish chart partern rising wedge. Additionally, both the Relative Strength Index and the MACD indicators have formed a bearish divergence pattern.

As a result, the coin is likely to experience a bearish breakdown in the coming days, with the potential target being $15.