Idex Market Dominated by Bulls, IDEX Surge by Over 20%
- IDEX token has been trading in Bullish momentum in the last 24 hours.
- Idex (IDEX) has recorded a price surge of over 20%.
- Bulls in the Idex market have established support levels of $0.07494.
Idex, a hybrid liquidity DEX that combines an order book approach with an automated market maker, has achieved tremendous progress in cryptocurrency during the last 24 hours. The platform’s recent activities have caused a stir in the sector, and many are paying attention to its performance.
The fact that Idex’s native token, IDEX, has recently gained more than 20% in value strongly indicates buyers are in command of the market. As of press time, IDEX to USD pair was exchanging hands at $0.08882 with intraday lows of $0.07494 and intraday highs of $0.09506.
The optimistic confidence in the market may continue into the foreseeable future, as the trading volume of IDEX tokens has increased by 3.19% to $213,081,500, as reported by CoinMarketCap.
Over the previous week, buyers have pushed the price of IDEX tokens up to $0.1053, representing a gain of 66.78%. Although the market price was down by 82.71% from its all-time high hit on September 8th, 2021, investors and traders should take heart from a recent increase in trading volume and a price hike. Both of these developments are beneficial for the market.
24-Hour Price Chart of Idex
On the 24-hour price chart, the bullish sentiment is indicated to continue in the Idex market by the Relative Strength Index, which is moving above its SMA, suggesting that the bullish sentiment might continue in the market in the hours ahead.
However, the RSI line is signaling a possible price reversal as it has reached the “80” level, which indicates that the prices are in the overbought region.
The widening of the Bollinger Band (BB) indicates that the IDEX token is trading in a bullish mood. This is shown by the current market price, below the upper band, signaling that the bullish trend might continue in the Idex market in the coming hours. The widening of the BB also indicates high volatility in the Idex market.
The current reading of the upper band is 0.08693, while the lower band is 0.04165. These levels of the Bollinger Bands act as the short-term resistance and support level of the Idex market.
The bullish optimism in the Idex market is projected to continue in the coming hours, as indicated by the Moving Average Convergence Divergence indicator, which is moving above its signaling, indicating that the bullish optimism in the market might continue in the hours ahead.
The formation of the trajectory histogram on the positive side also supports that the bulls might continue to dominate the market in the hours ahead.
In conclusion, the current bullish trend in the Idex market might continue, which may lead to the bulls setting new highs.
Read more: https://thenewscrypto.com/idex-market-dominated-by-bulls-idex-surge-by-over-20/
Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
