IDEX price went parabolic on Saturday as the upside in decentralized finance (DeFi) tokens continued. The IDEX token rose to a high of $0.1127, which was the highest point since May 18th. This point was about 136% above the lowest level during the weekend. It has a market cap of more than $64 million, making it the 339th biggest coin in the world.
What is IDEX crypto?
IDEX is a blockchain platform in the DeFi industry. It is a hybrid liquidity decentralized exchange that combines both order book and automated market maker (AMM). Its exchange is highly liquid and has low fees.
According to its platform, IDEX has a total value locked (TVL) of more than $30 million. In its history, the platform has helped to handle transactions worth over $1.2 billion. In addition to normal trading, users can earn rewards by yield farming. The yield service has over $6.8 million in total value locked.
IDEX, like other DeFi cryptocurrencies, has been under intense pressure lately as concerns about the industry remains. Investors have been pulling their funds from the industry after the collapse of Terra and its ecosystem.
The rampant hacks in the industry and the recent challenges facing Celsius and BlockFi have pulled people away from DeFi. As a result, the total value locked in the industry has crashed from more than $250 billion to less than $75 billion.
IDEX price has crashed by more than 80% from its all-time high. Recently, however, it has risen as investors wait for the launch of IDEX V4, which will introduce perpetual swaps. This version will include features like trading engine updates, new smart contracts, a liquidation engine, and miscellaneous tooling.
IDEX price has also rallied as other DeFi tokens have bounced back. Some of the best-performing assets are YFII, Yearn Finance, Uniswap, and Aave.
IDEX price prediction
The four-hour chart shows that the IDEX price formed a strong bottom at $0.046 last week. This was a notable price since it was the lowest point on May 16th.
The coin went parabolic as investors cheered the progress in V4 launch. As it rose, it moved above the descending red trendline. It also rose above the 25-day and 50-day moving averages. Oscillators like the Relative Strength Index (RSI) and MACD have also rallied.
Therefore, in my view, the current pump has happened too fast. As such, there is a likelihood that the price will pull back and retest the support at $0.075.