The crypto market today is facing notable upward pressure with a drop in the buyers’ conviction, triggering some profit-taking. Despite this, the Bitcoin price is around $63,500 while the Ethereum price is $1,730. The overall market capitalisation has dropped to $2.18 trillion, with the fear and greed index stuck at 22. Long liquidations and ETF outflows are said to be one of the major catalysts behind the drop, suggesting the market remains fragile to cascading liquidation. At the same time, the liquidity has been flowing into some of the altcoins like DeXe, which have risen significantly.
DeXe Surges Over 60% While Volume Explodes
The DeXe price has risen by nearly 62% in the past 24 hours, reaching $22, forming an intraday high at $23.34. After rebounding from the lows below $14, the price has been surging back by a significant influx of volume that has increased by over 430%. The price has entered an important resistance range, which has restricted the rally since the start of the month. Therefore, a breakout above the resistance could trigger a strong rise to the immediate target at $28.80.
As seen in the above chart, the DEXE price has been rising within an expanding channel that usually triggers a strong upswing after a breakout. The price is heading towards the upper resistance zone, and the momentum indicators continue to support the bullish narrative. The RSI is incremental while the MACD is heading for a bullish crossover, substantiating the bullish claim. Hence, rising above the immediate resistance zone between $21.9 and $22.7 may strengthen the hopes of a continued upswing to $28. Breaking above this resistance may trigger a strong rally to fresh yearly highs.
Humanity Stablises After a 83% Correction
Humanity had caught attention with a 300% jump in May, before the monthly close. The bulls managed to keep the momentum elevated for a few weeks, but the latest drop of over 82% squashed all the gains. Currently, the price has rebounded after hitting the crucial support level, indicating a rise in bullish participation at the lows. The buyer’s conviction appears to have increased to some extent, but the H price is yet to breach the immediate resistance that could push the rally towards higher targets.
The RSI and the CMF have displayed a bullish divergence, indicating an improvement in the momentum with a significant influx of liquidity. However, the H price is still attempting to enter the resistance zone between $0.193 and $0.200, which is extremely crucial to decide the next price action. The price is facing tough resistance from the bears at these levels, hinting towards a continued horizontal consolidation below the range. On the other hand, the volume remains restricted below the average levels, which shows less buying participation.
What’s Next for DeXe & Humanity Price Ahead of the Monthly Close
The DeXe price is displaying enough strength backed by a strong rise in the volume, whereas the Humanity price remains under bearish pressure despite an improvement seen in the indicators. This suggests that the DeXe price may continue to test upper resistance once it breaks above the pattern and reaches $28 or $30, but a rejection may compel the token to remain consolidated within the pattern, heading south.
On the other hand, the Humanity price is facing strong upward pressure as the sell-off continues after a strong rally. One can expect a strong recovery, but considering the technicals and chart patterns, it appears to be a little distinct. Therefore, the H price is believed to remain consolidated below the resistance zone but holding the crucial support range at $0.09.
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