TradeCityPro | DEXE: Unveiling DeFi Synergies👋 Welcome to TradeCityPro!
In this analysis, I will be examining the DEXE coin, a DeFi protocol utilized by prominent projects such as Chainlink and Venus.
📅 Weekly Timeframe
In the weekly timeframe, we observe a strong and powerful upward trend that started at the base of 1.940 and has followed a curved trend line up to 17.493.
📈 Currently, after a correction down to 7.18, bullish momentum has re-entered the market, and the price has once again reached 17.493. The RSI is also entering the Overbuy territory, and with the increasing buying volume entering the market, everything is set for the price to move upwards.
✅ Should the price move and stabilize above 17.493, we can expect an increase in price, reaching Fibonacci targets such as the 1 and 1.618 Fibonacci Extension levels, approximately at the 43 and 133 zones.
🔽 In a correction scenario, if the price fakes breaking the 17.493 resistance and starts a new correction phase with a breach of the curved trend line, the correction phase will commence. Key supports are at 7.18, 5.072, and 2.767, and if the 1.940 support breaks, a bearish trend in the High Wave Cycle will start.
📅 Daily Timeframe
In the daily timeframe, we see a solid and powerful ceiling at 20.022, where after significant buying volume and a rise from 7.180, the price has reached and struck twice. If this area is breached, the price could move upwards and set new ATHs.
✨ Increasing buying volume and RSI entering Overbuy will greatly assist in driving the price up and initiating a trend. Conversely, in a price correction, a break of 50 in the RSI could deepen the correction and we could witness a significant price adjustment.
🧩 For a deep correction, the price needs to stabilize below 13.704. In this case, we can expect the correction to continue down to 7.180.
⏳ 4-Hour Timeframe
Let’s delve into the 4-hour timeframe to outline the triggers for futures positions.
🔼 For long positions, the only trigger currently present is breaking 20.767. If this area is breached or the price pulls back to this area, we can enter a long position. The RSI entering Overbuy, as mentioned in other timeframes, will aid price momentum.
📉 For short positions, it is crucial to note that the price is near its ATH, creating a very strong supply zone. Consequently, if the price is rejected from this zone, bearish momentum could enter the market. Therefore, we could take an early and risky entry for a short position at the break of 16.441 and wait for the main position at the break of 13.447.
📝 Final Thoughts
This analysis reflects our opinions and is not financial advice.
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