DEXE, the native token of DeXe Protocol, defied the bearish trend in the broader crypto market to experience gains on Monday. Despite major cryptocurrencies struggling to recover from a market-wide crash triggered by U.S. President Donald Trump’s trade tariffs, DEXE rallied nearly 17.27% on Feb. 3 to reach an intraday high of $23.22.
While Bitcoin (BTC) saw a 6% decline and other major altcoins experienced even greater losses, DEXE stood out with a 7% increase, hovering over $22.53. This token has been one of the top performers in the past month, boasting a 26% increase in January and a remarkable 676% gain over the past year.
The recent rally of DEXE can be attributed to several key factors. Data from Dune analytics shows a steady increase in the number of DEXE holders across both Ethereum and BNB, with 53,768 investors holding DEXE as of Feb. 2. Additionally, hype surrounding recent ecosystem developments, such as the integration of over $1 billion in DEXE tokens into governance via DeXe DAO and the introduction of staking-governance features for DAOs, has fueled bullish momentum.
Staking activity on the DeXe protocol has also been on the rise, with significant amounts of DEX tokens being staked across different time periods. Traders are likely optimistic about upcoming developments, such as the launch of DeXe dApp v2 and key partnerships outlined in the project’s 2025 roadmap.
From a technical analysis perspective, the 1-day DEXE/USDT chart shows a bullish trend, with the 50-day moving average above the 200-day MA. The Aroon indicator further supports this uptrend, indicating a strong potential for the rally to continue in the coming days. The Relative Strength Index (RSI) at 62 suggests there is still room for growth before DEXE becomes overbought.
As DEXE continues its rally, it may target the next psychological resistance at $25. However, in the event of a reversal, the altcoin is likely to find strong support at $15.8, aligning with the 50-day MA on the daily chart. Overall, DEXE’s recent performance highlights its resilience and potential for further growth in the volatile crypto market.