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Despite a broader market cooldown, Dexe (DEXE) has shown pronounced weakness, sliding in a steep downtrend from $16 to a low of $11.
At press time, DEXE traded at $12, down 11.5% on the daily charts. Over the same period, the altcoin’s market capitalization fell 12%, signaling increased capital outflows.
After DEXE rallied to $16.2, CryptoQuant data on Futures Retail Trading Activity indicated excessive retail orders. As the price rose, retail participants began closing positions.
Open Interest (OI) fell 8% to $33 million, while Derivatives Volume increased 25% to $90 million. The combination of higher volume alongside declining OI suggested increased trading activity driven by position closures.
DEXE Futures also recorded net outflows over the past 24 hours, with $30.56 million leaving versus $29 million entering. As a result, Futures Netflow dropped 174% to -$1.21 million, a negative reading consistent with more positions closing than opening and a risk-off tone.
As sentiment shifted, bears took control of price action. The Bulls vs. Bears (BvB) indicator turned negative on April 21 for the first time in two weeks. At press time, it stood around -20.38, indicating bears currently hold significant influence.
With bearish pressure building, upside momentum weakened while downside momentum strengthened. The Relative Strength Index (RSI) fell from 83 to 66 after a bearish crossover.
With indicators pointing to continued weakness, a breach of the $12 support appeared likely, potentially opening a move toward $10 if traders keep exiting positions.
While market structure remained bearish, spot-market participants—particularly whales—attempted to absorb selling pressure. CryptoQuant’s Spot Average Order Size showed an increase in large whale orders around $12.
Spot Taker CVD suggested these whales were aggressively accumulating, with increased buy orders at $12 over the past two days that coincided with the market drop. This sustained whale demand could help keep $12 supported and potentially enable a rebound toward $14.7 resistance.
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