Crypto DEXE Plunges 12% as Binance Liquidity Dries Up
Cryptocurrency DeXe (DEXE) has seen a significant price drop, with investors across major exchanges and decentralized platforms expressing bearish sentiment. The token experienced a 12% decrease on October 9, 2023.
The price drop was largely influenced by a reduction in liquidity, led by Binance investors who control a majority of DEXE's trading volume. This, coupled with intensified selling pressure, pushed the trend lower on the charts. Despite attempts, DEXE has repeatedly failed to break a key resistance level, further adding to the bearish outlook.
Besides Binance, other major cryptocurrency exchanges like Coinbase and KuCoin, along with activity on decentralized exchanges (DEXs) such as PancakeSwap and Uniswap, are also exerting strong influences on DEXE's price. This impact extends to the broader DeFi sector. Currently, investors on 19 out of 20 exchanges are betting on further downside for DEXE.
If bearish sentiment persists, it could drive DEXE's trend even lower. The recent 12% price drop, influenced by reduced liquidity and selling pressure, highlights the current market conditions. The inability to break resistance levels further supports the bearish outlook, with investors across major exchanges and DEXs anticipating further declines.
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