- DEXE dropped over 17% amid heavy selling pressure and declining market metrics, but spot traders continue accumulating the token.
- Despite bearish signals, a positive funding rate and sustained buying suggest a potential rebound if sentiment shifts
Despite Price Plunge, Spot Market Shows Resilient Bullish Behavior
In the face of a sharp 17% drop, DeXe (DEXE) is defying the odds as traders continue to buy up the altcoin. While bearish sentiment has taken its toll on the price charts, underlying market behavior suggests the dip might be more of a strategic entry point than a sign of doom.
Massive Volume Spike Signals Market Turmoil
Over the last 24 hours, DEXE experienced a dramatic 763% surge in trading volume, reaching $168.4 million. This volume spike usually accompanies steep price corrections, and this time was no different. The combination of selling pressure and panic-driven exits was evident in key derivatives metrics.
Open Interest dropped by 10.21% to $55.64 million, reflecting a decrease in active trading positions, while the Long-to-Short ratio leaned toward the bears — with 50.39% of trades coming from short positions.
Also read: Shiba Inu Whales Accumulate 1.93 Trillion SHIB — Is a Major Price Rebound Coming?
Funding Rate Still Bullish… But Slipping
Interestingly, the Open Interest-Weighted Funding Rate remained positive at 0.0035%, suggesting that sentiment isn’t entirely bearish. However, this rate has started trending downward, which could indicate weakening bullish conviction. If the funding rate flips negative, it may open the floodgates to more intense selling.
Spot Market Accumulation Could Be DEXE’s Lifeline
Despite the chaos, spot traders seem undeterred. For the third day in a row, DEXE has seen net accumulation — to the tune of $400,000 in purchases. This buying activity may act as a stabilizing force, potentially limiting further downside in the near term.
Could DEXE Slide Further? Watch the Heatmap
Analysis of the liquidation heatmap suggests that large liquidity pockets exist just above the $8.5 zone. If market volatility persists, prices could gravitate toward that level to tap into these liquidity clusters.
DEXE may be down, but it’s not out. While technicals suggest the potential for further declines, consistent spot market accumulation and a still-positive funding rate could hint at a recovery — if momentum shifts in the bulls’ favor. Traders are betting this dip might just be the calm before a storm of gains.
