invezz.com 
$DEXE price has climbed to a multi-year high after strong buying pressure, rising on-chain activity, and improving market sentiment combined to extend the token's recent rally.
According to CoinGecko data, $DEXE rose above $28 on July 6 before easing slightly to trade near $27.7, leaving the governance token up more than 10% over the past 24 hours, around 25% over the last week and nearly 40% over the past month.
Despite the brief pullback, the token continues to trade near levels last seen in early 2021.
CoinGecko also identified DeXe as one of the week's strongest-performing artificial intelligence-related cryptocurrencies, adding to investor attention as capital returned to select altcoins across the market.
Santiment data pointed to growing participation across the network during the rally.
Record levels of whale transactions, new wallet creation, and active addresses suggest that both institutional-scale investors and retail participants are accumulating $DEXE.
The project’s supply dynamics are also playing a crucial part in supporting the current rally.
A large portion of $DEXE is currently locked in protocol treasuries, DAO-controlled wallets and ecosystem allocations; fewer tokens remain readily available on exchanges, allowing fresh demand to have a larger impact on price.
At the same time, current macroeconomic conditions have also worked in the token's favour.
Following weaker-than-expected US Nonfarm Payrolls data released on July 3, investors increased expectations that the Federal Reserve could eventually adopt a more accommodative policy stance.
Treasury yields declined while the US dollar was under pressure. DeXe entered the recovery backed by active protocol usage.
The project currently supports more than 100 decentralised autonomous organisations while securing roughly $1.7 billion in total value locked, giving investors exposure to governance infrastructure alongside the growing DAO ecosystem.
As investors increasingly focused on projects supported by measurable network activity instead of speculative narratives, $DEXE benefited from renewed buying interest.
Derivatives positioning appears to have accelerated the advance.
After the price broke above multiple technical resistance levels, leveraged short sellers were likely forced to close positions, adding fresh buying pressure alongside spot market demand and helping lift $DEXE toward multi-year highs. See below.
$DEXE price vs. liquidation. Source: Coinglass.
$DEXE price analysis
The technical structure continues to favour buyers even as momentum has slowed following the latest surge.
On the 4-hour chart, $DEXE remains comfortably above its 20, 50, 100 and 200 exponential moving averages, with the shorter-term averages holding above the longer-term ones in a bullish alignment.
$DEXE/$USDT 4-hour price chart. Source: TradingView.
After breaking out from several days of consolidation, the token quickly rallied toward the $29 region before entering a narrow trading range.
Momentum indicators suggest the rally is cooling rather than reversing.
The 4-hour Relative Strength Index has eased to around 71 after briefly pushing deeper into overbought territory, indicating that buying pressure has moderated while remaining elevated.
$DEXE/$USDT 4-hour price chart. Source: TradingView.
At the same time, the MACD continues to hold above its signal line with a positive histogram, although the shrinking histogram bars point to slowing upside momentum instead of a confirmed bearish reversal.
Session VWAP data also indicates that buyers are continuing to defend recent gains.
$DEXE price has consolidated around the session VWAP after briefly trading above it, suggesting that selling pressure has so far been absorbed instead of triggering a deeper correction.
For now, indicators suggest $DEXE is consolidating after the recent rally, and there is little evidence to support that the uptrend has ended.
As long as the token continues holding above its key moving averages, traders may look for another attempt to challenge the recent high near $29, while a sustained break above that level could open the way for a move toward higher resistance as $DEXE edges closer to its all-time high.
As of publication time, $DEXE was trading less than 15% below its all-time high of $32.38, which it reached in March of 2021.
Conversely, a loss of momentum below the short-term moving averages would increase the likelihood of a pullback in the coming sessions before the next leg higher develops.
