Why did IDEX Crypto just rally over 35%? Read more to know
- IDEX has solidified its position as a promising contender in the decentralized finance (DeFi) sector.
- At the time of writing IDEX crypto was rallying over 36.68% according to CoinMarketCap.
- The IDEX ecosystem on their twitter handle on 8 December had announced the commencement of its Points Program, which will offer Liquid Points.
The recent bull run in the crypto market has now reached IDEX crypto as well and the token witnessed an impressive 36.68% rally at the time of writing, according to CoinMarketCap. This sharp rally has given impetus to both market participants and has contributed to the overall market cap of the crypto market. As a result, the token has managed to solidify its position as a promising contender in the decentralized finance (DeFi) sector.
What’s the reason for IDEX Crypto’s rally?
IDEX is a decentralized exchange (DEX) that combines the efficiency of centralized exchanges with the security and transparency of blockchain technology. The platform allows users to trade cryptocurrencies without surrendering custody of their assets, making it a preferred choice for DeFi enthusiasts.
IDEX crypto, the platform’s native token, powers this ecosystem by facilitating staking, governance, and transaction rewards. While the exact reason for the rally is still unclear, the reason could be due to the announcement of its rewards program which has generated significant interest. The IDEX ecosystem on their Twitter handle on 8 December had announced the commencement of its Points Program, which will offer Liquid Points.
There has been a significant interest generated since then and that may be one of the reasons for its rally today.
What the IDEX Crypto’s Rally Means for the Crypto Market
The rise of IDEX crypto reflects a broader trend in the market where investors are increasingly focusing on utility-driven tokens. Unlike meme coins or speculative assets, IDEX offers tangible value through its decentralized exchange platform. This shift towards utility-based investments indicates a maturing crypto market, where projects with real-world applications are more likely to thrive.
Moreover, IDEX’s performance highlights the growing importance of DeFi in the crypto ecosystem. As more users turn to decentralized platforms for trading and financial services, tokens like IDEX are expected to see sustained demand.
A look at the charts will reveal that the token has an RSI at 72.10, indicating that buyers are looking to buy the token when it is hot. Even though there is a slight dip, the momentum is towards the token for it to sustain.
Image credit: Trading View
The IDEX crypto has had a consistent run over the past month securing gains of over 137.6%, according to CoinGecko.
The MACD indicators too point towards a sustained period of momentum with the MACD histogram indicating an upward momentum in the token. At the time of writing, the token was trading at $ 0.086402 with a 24-hour trading volume of $29,84,24,931. The 610-ranked token was enjoying a live market cap of $6,97,68,992 with a circulating supply of 80,74,88,993 IDEX coins.
The recent rally of IDEX crypto underscores its potential as a key player in the DeFi sector. With a robust platform, strategic partnerships, and growing adoption, IDEX is well-positioned to capitalize on the evolving crypto landscape. As the market continues to mature, investors and enthusiasts should keep a close eye on IDEX crypto for its innovative approach and promising future.
