news 
Can traders gain from DEXE’s recent dip? THIS data suggests…
DeXe has recently plummeted by double digits in a single day, leaving many investors wondering if there are any opportunities to be had. Despite the bearish move, the cryptocurrency still holds above its 200-day EMA near $11. The question on everyone’s mind is whether this recent dip presents an attractive entry point for traders.
Firstly, let’s take a closer look at DeXe’s fundamental analysis. After witnessing a massive buying rally, the project unveiled its roadmap, which partially fueled a 190% rebound that pushed the cryptocurrency to $21. The sudden correction could be seen as an opportunity to buy into this dip. The coin still has strong long-term fundamentals and it appears that some traders are not giving up on DeXe just yet.
Turning our attention to the derivatives market, data from Coinglass suggests mixed sentiment amongst traders. On one hand, derivatives trading volume surged by over 180% to $153.43 million in a single day, indicating that some investors may be accumulating DEXE at these lower levels. However, open interest fell by around 6.74%, signaling that others are closing their positions or reducing exposure.
While the long/short ratio currently sits at 0.92, it is essential to note that Binance traders are still somewhat optimistic about DeXe’s future prospects with a long-only position dominating the market sentiment. This mixed sentiment may lead to further volatility in the short-term.
In conclusion, DeXe’s recent dip has resulted in an attractive buying opportunity for some investors. If buyers can defend the critical $14.5 zone (around the 50-day EMA), we could see a recovery and another attempt at its multi-year high of $21. On the other hand, a breach below this crucial level could propel the correction towards the 200-day EMA near $11.
Before making any buying decisions, it is essential to monitor broader market sentiment. Given DeXe’s long-term fundamentals and roadmap, the coming days may provide short-term traders with attractive entry points.
Source: ambcrypto.com
