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06/23 21:00
Crypto Bloodbath? Not for DEXE, Altcoin Explodes 70% as Shorts Get Crushed
The move pushed DEXE to a fresh yearly high near $24 while Bitcoin and most altcoins traded in the red. Derivatives data show the rally came from leverage, not fresh spot demand.
Record Open Interest Fueled the Short Squeeze
DEXE open interest climbed to roughly $70 million on Tuesday, the highest reading on record. That spike arrived as price went vertical, a classic sign of forced positioning rather than steady accumulation.
DEXE open interest / Source: Coinglass
Coinglass data shows shorts have been the punished side for months. Red short-liquidation bars dominate the chart, while long liquidations stayed small throughout.
DEXE total liquidations / Source: Coinglass
The decisive blow came from a short-liquidation cascade worth about $1.3 million, the largest on the chart. That wave of forced buybacks mechanically drove the 70% candle and extended a multi-month rally.
Fading Volume Warns the Rally Could Stall
The squeeze looks powerful, yet the weekly chart flashes warning signs. DEXE has retraced almost its entire 2025 decline, climbing from near $1.73 back to the $24.20 ceiling that has capped its price since February 2025.
This week’s candle tagged that level and got rejected, closing near $23.50. Price reclaimed the 0.618 Fibonacci support around $15.60, which keeps the structure bullish for now.
DEXE weekly chart / Source: Tradingview
However, weekly volume is falling as price prints new highs. The relative strength index shows bearish divergence, sliding since April even as DEXE climbs to a fresh high.
Both signals suggest the move lacks a strong buying base. The pattern echoes other leverage-driven altcoins that spiked and then faded.
DEXE Price Could Target $30 if the Squeeze Holds
Meanwhile, the daily chart frames the bull case. A cup-and-handle pattern has formed since October 2025, with a breakout in May, a retest of support, and the current push higher.
That pattern projects a measured target near $30, which aligns with the 1.272 Fibonacci extension at $30.31. DEXE traded around $22.88 at publication, just below the $24.20 resistance.
DEXE daily chart / Source: Tradingview
The thesis needs two things to hold. Price must break and close above $24.20, and the RSI must reclaim the 70 level to confirm momentum, according to one chart analysis.
A failure there would hand control back to sellers. With the rally built on leverage rather than spot demand, DEXE faces a binary test at long-term resistance. The next weekly close should decide the direction.
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