The price of the IDEX token significantly increased, reaching a five-week high of $0.039 due to whale activity.
Analysis of IDEX Growth
IDEX rose sharply by 50% to $0.039 on the morning of September 1st in Asian time, stabilizing later at $0.036. The surge occurred in a high-volume trading environment, with trading volume increasing by 550% over the last four hours to almost $66 million. The increase was primarily driven by whale activity rather than significant news or partnerships.
Impact of Derivative Traders
Data from CoinGlass indicates that open interest in IDEX futures surged by 185% to $5 million. Meanwhile, the token’s weighted funding rate turned negative, suggesting that short sellers are paying long positions to keep their trades open. This signals that many traders anticipate a short-term price pullback for IDEX.
Technical Analysis and Price Forecast
On the daily chart, IDEX formed a descending triangle over the last five weeks but broke above the upper trendline, indicating a possible trend reversal. Indicators like the MACD and Relative Strength Index show growing positive momentum. Notably, IDEX confirmed a golden cross, with the 50-day moving average crossing above the 200-day, suggesting potential upward momentum to $0.048, which represents a 33% increase from current levels.
The price of IDEX may continue to rise; however, the absence of strong drivers may lead to a pullback. Whale interest continues to support market activity.
