While many cryptocurrencies struggle with price declines, DEXE has bucked the trend, emerging as the market’s top gainer in the past 24 hours. The governance token has outperformed many leading assets, which have faced losses during the same period.
With steady demand for the token, it may extend its gains in the short term.
DEXE Leads Market Rally
The DeXe protocol is an open-source platform for creating and managing decentralized autonomous organizations (DAOs). The DeXe DAO, which has DEXE as its governance token, controls the protocol.
DEXE currently trades at $22.67, noting a 4% price surge over the past 24 hours, making it the market’s top gainer. This rally has pushed the token’s price to its highest level since December 2021. With strengthening demand, DEXE appears poised to maintain this uptrend.
The setup of its Super Trend indicator supports this bullish outlook. At press time, the indicator’s green line acts as dynamic support for DEXE’s price at $14.52.
This momentum indicator helps traders identify the market’s direction by placing a line above or below the price chart based on the asset’s volatility. As with DEXE, when an asset’s price trades above the green line of the Super Trend indicator, it signals a bullish trend, indicating that the market is in an uptrend and that buying pressure is dominant.
Moreover, DEXE’s Aroon Up Line at 100% indicates its current uptrend is strong. The Aroon indicator measures the strength and direction of a trend by analyzing the time since an asset’s recent highs (Aroon Up) and lows (Aroon Down).
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Author: Abiodun Oladokun
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