DEXE: Short pressure builds as price nears $12.8

DeXe [$DEXE] has fallen 12% over the past 24 hours, tracking a broader cooldown across AI-linked tokens during the same period.

Price action suggests a rebound remains within reach, but confirmation depends on multiple factors aligning—most notably a shift in positioning within the perpetual Futures market, where short interest continues to dominate.

Price structure points to a conditional recovery

On the daily chart, $DEXE has moved into a well-defined demand zone that has historically triggered upward moves.

Previous reactions from this level led to rallies, although the most recent attempt failed to break above the $16 mark.

Still, the presence of demand does not eliminate downside risk. Price could extend lower toward the midpoint of the zone near $11.6 before establishing a stronger base.

Source: TradingView

On the 4-hour timeframe, a near-term recovery hinges on a break above resistance at $12.8. Historical price behavior suggests this level has acted as a pivot, and a successful breakout could accelerate momentum.

DeXe also continues to respect an upward-sloping trendline that has supported price on multiple occasions. The trendline has preceded at least three rallies, including two significant advances.

Source: TradingView

If this structure holds, the asset could post a recovery of up to 19%, with $15.3 emerging as a near-term target.

Momentum indicators show early reversal signals

Indicators are beginning to reflect a shift in market behavior, with signs of accumulation returning after sustained selling pressure.

The Accumulation/Distribution metric has edged higher, indicating a gradual pickup in buying interest despite the recent drawdown.

However, overall volume trends remain weak, suggesting that sellers still maintain broader control of the market.

Source: TradingView

At the same time, the Balance of Power (BoP) indicator points to strengthening buyer momentum. BoP, which measures the balance between buying and selling pressure on a scale from -1 to +1, currently prints 0.39—firmly in positive territory.

A continued rise in this metric could support a breakout above short-term resistance levels.

Short dominance in the derivatives market suggests…

Despite improving Spot market signals, derivatives data highlights a key headwind.

The perpetual Futures market remains skewed toward short positions, increasing the likelihood of continued resistance against upward price movement.

Source: CoinGlass

Coinglass data shows that the Open Interest-Weighted Funding Rate has slipped into negative territory, currently at -0.0029%. This indicates that the majority of the estimated $234 million in Open Interest is positioned on the short side.

Unless the Funding Rate shifts back into positive territory, sustained upside may remain limited, with sell-side pressure continuing to influence price action in the near term.

Final Summary

Rebound prospects build as DeXe tests a key demand zone, with early indicator support emerging.

Persistent short positioning in the perpetual market continues to cap upside potential.