The DeXe Protocol token has performed well this year as market participants anticipate major developments in the ecosystem and as stake volume increases.
The price of DeXe (DEXE) climbed to a high of $19.75 this week, up 155% from its lowest level this year, making it one of the best performing coins.
The token’s rally occurred alongside a steady increase in the amount of money wagered on the protocol. The one-month staking tier now contains 11.3 million DEXE tokens, worth over $214 million. These holders receive a 10% return.
The three-month level contains 2.82 million DEXE tokens with an APR of 14.20%, while the six-month level contains 690,000 tokens. The 12-month and 24-month levels have attracted 500,000 and 40,000 tokens, yielding returns of 20% and 127% respectively.
DeXe’s price also rose after developers unveiled their roadmap for the year. Major planned events include the release of the DeXe Protocol on Ethereum (ETH), the locking of the DAO Treasury in the DeXe Protocol, and the launching of staking for DeXe DAO.
The token’s rally was further supported by a steady increase in the number of token holders. According to CoinCarpthe number of DEXE holders rose to 2,521 on January 21, compared to 2,450 a month earlier. Some of these investors likely bought in due to fear of missing out and the recent addition of Binance’s futures copy trading service.
DeXe price analysis
The daily chart shows that the price of DeXe has recovered and reached a high of $21.50. This recovery followed a consolidation phase that lasted from August to December last year. That period of consolidation corresponds to the accumulation phase of the Wyckoff method.
DeXe has now entered the formatting phase and appears to be approaching the distribution phase. The token is also in the process of forming a double top pattern at $21.50 along with the rising wedge on the bearish chart. Furthermore, both the Relative Strength Index and MACD indicators have formed a bearish divergence pattern.
As a result, the coin is likely to undergo a bearish breakdown in the coming days, with a potential target of $15.
