Why is IDEX (IDEX) crypto turning heads today?

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Why is IDEX (IDEX) crypto turning heads today?

 Why is IDEX (IDEX) crypto turning heads today?
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Highlights

  • IDEX acts as a hybrid liquidity DEX protocol that delivers the best from the decentralised and centralised exchanges).
  • For the second consecutive day, the Ethereum-powered IDEX crypto was rallying with a gain of over 46.58% and a volume gain of 305.98% at 10:30 AM GMT+1 on 18 May. 
  • The 327-ranked was trading at US$0.116701 on Wednesday. It boasted of a trading volume of US$37,02,40,806 in the last 24 hours, as per CoinMarketCap.

IDEX (IDEX) crypto is witnessing bright days even though the entire crypto market is reeling under constant fear. For the second consecutive day, the Ethereum-powered IDEX (IDEX) crypto continued its rally with a gain of over 46.58% and a volume gain of 305.98% at 10:30 AM GMT+1 on 18 May.

On Tuesday (17 May), the IDEX crypto was one of the top performers of the day, registering massive gains of over 122%, with its volume going up by 1153%. 

IDEX acts as a hybrid liquidity DEX protocol that delivers best from the decentralised and centralised exchanges and functions as an order book using an automated market maker (AMM). As it's a decentralised platform, it can offer security and liquidity, safeguard the users against failed trades, and save them from getting duped. 

Also read: Can MultiVac (MTV) crypto end its bearish run soon?

IDEX crypto’s rally 

IDEX's rally seems to be on the back of a good run last past week or so, registering gains of over 38%. The token rallied despite the Fear and Greed index being at its lowest since March 2020. According to Alternative.me, the crypto Fear and Greed index stood at a low of 12, as of 18 May, suggesting that the market is still in the phase of extreme fear.

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If one were to look at the charts, it's indicative that the IDEX crypto seems to be well placed despite fear, following its week's good performance. The Relative Strength Index (RSI) at over 55 clearly indicates that the market participants have re-engaged themselves with the token since 12 May. The renewed interest comes after a long time, almost after 45 days (3 April), when its RSI stood at 70.14.

Image Credit: Trading View

Although the reason for this renewed interest is evident, it seems the bulls are taking control of the IDEX's market. The MACD indicates that the blue line is up and has created a decent gap between the signal line (in orange). This indicates that the rally is getting stronger by the day. 

Also read: Why did Santos Fan Token's (SANTOS) volume soar over 9600%?

Price performance 

The 327-ranked IDEX token was trading at US$0.116701 on Wednesday. The trading volume was around US$37,02,40,806 over a day, as per CoinMarketCap. The DeFi token was enjoying a market cap of US$7,59,37,614 with 65,07,04,299 IDEX coins in circulation.

Even though the token has done exceedingly well over the past week, it's essential to realise that the prices can change at any given point in time when it comes to volatile assets such as cryptocurrencies. Therefore, one must always be wary of taking investment decisions in haste. Market participants must do their groundwork and research before entering the market. 

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