The crypto market has been quite unstable (to say the least) lately, with the past 24 hours delivering another substantial correction. Bitcoin (BTC) briefly tumbled below $62,000, while numerous altcoins also entered red territory.

However, DeXe (DEXE) defied the bearish conditions, soaring by double digits over the last day. While several analysts expect further short-term increases, one key technical indicator suggests it might be time for a pullback.

New ATH Soon?

The lesser-known altcoin is currently worth around $23 (per CoinGecko), representing a whopping 50% spike from yesterday’s figure. Its market capitalization has surpassed the psychological $1 billion threshold, making DEXE the 65th-largest cryptocurrency.

Perhaps one of the main catalysts for the rally is MEXC’s support. The prominent crypto exchange included DEXE in its futures trading section, allowing adjustable leverage up to 50x.

The analyst, using the X moniker “The Boss,” claimed that the token “is showing one of the strongest structures” among altcoins, noting buyers’ quick reaction after every pullback. The market observer paid close attention to the $24 resistance level, arguing that if bulls turn it into support, the uptrend could continue to as high as $39. DEXE has been on the market since late 2020 and reached an all-time high of almost $30 the following year, meaning a rise of that magnitude would mark a new historic peak.

OxNeena also chipped in. According to the analyst, DEXE is breaking out of a bullish Cup & Handle formation that could push the price above $27 in the near future.

Time to Short?

Contrary to prevailing optimism, some industry participants anticipate an upcoming correction. Crypto with Haris ₿, for instance, opened a $40,000 short position on DEXE, describing the $22.80-$23.30 area as “very important.”

“If buyers were still fully in control, price should have already reclaimed the recent highs. Instead, DEXE is struggling below resistance while volume is cooling down. That usually happens when a trend starts losing strength,” the analyst explained.

They further predicted that a plunge below $22 could drop the price to as low as $18.

DEXE’s Relative Strength Index (RSI) should also serve as a warning. Its ratio has climbed to 87, meaning that the coin has entered extreme overbought territory and could be due for a pullback. The RSI ranges from 0 to 100; anything below 30 is considered a buying opportunity.

Source: CryptoPotato