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- 1 DexTools price is trading above the key moving averages, showcasing bullishness.
- 2 DEXT price grew by almost 17.30% in a week showcasing buyers’ presence.
DEXT, the native token of the DEXTools application, anchors the app’s decentralized finance capabilities. Initially, the ecosystem was infused with 200 million DEXT tokens. Yet, a strategic decision led to the incineration of 50 million team-allocated tokens, diminishing the overall count to 150 million. The token’s scarcity is systematically amplified through a deflationary tactic, annihilating 10% of the tokens used for subscriptions to the app’s services each month.
Within the DEXTools environment, DEXT fulfills a pivotal role. It grants users the privilege to unlock a suite of specialized features and services integral to DeFi market participation.
This includes, but is not limited to, sophisticated trading insights and real-time market data streams. The token’s deflationary design, paired with the consistent token burn, aims to cultivate its scarcity and potentially escalate its market value over time.
DexTools Price Vs Volume Analysis
According to the Santiment graph of price and volume, the trading volume has dropped from $549.29 Million to $30.97 Million since the beginning of March, and the price has also dropped with trading volume. The trading volume has dropped tremendously. However, the price bounced back.
DEXTools Crypto Social Dominance vs Social Volume Analysis
The graphs for social dominance and social volume show an uptrend over the last few weeks, indicating a rise in awareness and information on social media platforms such as X, Instagram, and Telegram. If these graphs continue to improve, it could have a positive impact on the price of DEXTools.
Technical Analysis Of DexTools Crypto Price
The DEXTools price prediction indicates a potential rebound after a slight bearish trend. On the daily charts, the price is trading above the major moving averages, indicating bullishness.
At the moment, the DEXT price is hovering around $0.9483 and finding support above the
50 moving average, indicating that buyers are still active at lower levels.
Despite the bears taking short positions and attempting to pull back the crypto, the DEXTools price action suggests bullishness in the long term. The DEXT crypto is holding onto gains in the bullish zone and ignoring rejections.
The bulls are accumulating the crypto and preparing to cross upper levels in the coming sessions. The chart formation shows bullish momentum and signals a positive outlook for the DEXT crypto.
Investors should monitor it as the price is likely to show a breakout soon. On the charts, there is a strong structure with buyers present, and there was long buildup activity in past few trading sessions.
Although sellers are becoming more cautious due to the vertical rally that trapped them in the past few months, they are still trying to push down the crypto price.
Summary
While the trading volume and price have dropped significantly since March, the social dominance and social volume graphs have shown an upward trend. The DEXT price prediction is a rebound, amid bullishness on the daily charts. Despite sellers attempting to push the price down, buyers are still active at lower levels.
Technical Levels
Support Level: $0.88.
Resistance Level: $1.06.
Disclaimer
It’s important to note that the views and opinions presented in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading stocks carries inherent risks, and readers should conduct their research before making any financial decisions.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
