DeXe (DEXE) price skyrocketed over 50% to a new yearly high near $24.70 on June 23, fueled by a violent short squeeze, a bullish technical breakout, and thin order books. Trading volume surged more than 180% to top $136 million as short sellers were forced to cover, amplifying the upward move.
Data pointed to a massive funding-rate dislocation of around 203% APR between exchanges, particularly on Bybit, indicating an overcrowded short trade. Once price broke above key Fibonacci levels like the 61.8% retracement around $17.60, liquidations cascaded, adding fuel to the rally. Spot demand also picked up amid renewed interest in DAO governance tokens.
Technically, the rally originated from a double-bottom pattern near $14 on the 4‑hour chart, followed by a break of a descending trendline and horizontal resistance at $17.12. Weekly indicators turned constructive, with Aroon Up at 100 and RSI climbing to around 70. The token now tests major resistance at $24.31–$24.85; a daily close above could open the path toward $30 and eventually $39.23, while support stands at $19.54.
DEXE’s limited circulating supply—much of it locked in ecosystem wallets—exacerbated the squeeze, as buy orders rapidly depleted available liquidity on exchanges. The episode highlights how derivatives positioning and supply constraints can produce extreme price moves even without fundamental news.
