As the price structure weakens, derivatives positioning now confirms the same shift in sentiment.
Open Interest has dropped sharply from above $40 million to around $26 million since April 20, which reflects a broad unwind in leveraged exposure. This decline aligns with the rejection from the $16.24 peak, where bullish momentum failed to sustain.
As the price moved lower, traders began closing positions aggressively, which resulted in the surge in trading volume.
This behavior shows forced exits rather than new inflows, reinforcing the corrective phase already visible in price action. As leverage reduces, the market transitions from expansion into contraction, which typically weakens upside momentum.
However, this reset may also clear excess positioning, which can stabilize price over time. If selling pressure slows, DEXE may find support. Until then, positioning remains defensive, reflecting caution rather than conviction.
DEXE tests key $10 support after failed breakout
After the strong rally, DEXE now shows a clear shift in structure as price fails to sustain higher levels.
The move from $3.00 to $16.60 marked strong expansion, yet the rejection near $15.65 confirms a lower high. This signals that buyers lost control, which allowed sellers to take over direction.
As the price declines toward $10.71, the move becomes more decisive, with consecutive red candles pushing the market lower.
This reflects sustained selling pressure rather than a brief pullback. The current zone near $10.00–$9.50 now acts as a critical floor, as it previously served as resistance before the breakout.
If the price holds this level, it could attract demand and trigger a relief bounce. However, failure to defend this area would expose a deeper downside as the prior structure weakens.
This leaves DEXE at a key decision point, where market direction depends on whether buyers regain control or sellers extend dominance.
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