After navigating to the Component Explorer of a certain component, the Dependency View can be accessed by entering into that specific component:

The Dependency View can show all incoming or outgoing dependencies of one component. Outgoing dependencies are describing the components that are used by the current component, incoming dependencies show which other components use the current component. The colour of the connecting line between two components indicates the respective rating of a connected component.
To view multiple levels of dependencies, can click the little circles after each component name. This can especially be useful when analyzing a dependency-based anti-pattern such as Global/local Butterflies or global/local Breakables.