DEXE bulls left holding the $13.30 bag after LBank's $1.68M token dump 📉

DeXe [DEXE] fell 7.50% to $13.61 over the past 24 hours, extending a three-day losing streak after losing its grip on the $15.40 support level. Trading volume climbed 40% to $19.61 million during the move, indicating heightened trader engagement.

A crypto analyst on X pointed to activity from exchange LBank as a possible factor in the decline, noting that LBank deposited $1.68 million worth of DEXE tokens onto Binance and signaled that more selling could follow. On the daily chart, DEXE had previously broken above $15.40 before slipping back below it, a shift that tilted market sentiment toward the bears. Technical indicators reinforced the bearish setup, with the Average Directional Index (ADX) climbing to 38.41, well above the 25 threshold that typically signals a strong trend.

Derivatives data from CoinGlass showed intraday traders leaning the opposite direction, with DEXE's Long/Short ratio at 1.1487, indicating long positions still outnumber shorts. Liquidation levels over the past 24 hours stood at $13.30 on the downside, where $139.90K in long leveraged positions had accumulated, and $13.90 on the upside, with $79.57K in short leveraged positions built up.

Spot flow data painted a more cautious picture for longer-term holders. Over the past 24 hours, $410K worth of DEXE tokens were moved to exchanges, a pattern generally associated with potential selling pressure. With the $15.40 level now acting as resistance rather than support, DEXE's near-term trajectory remains contingent on whether buyers can push the price back above that threshold.