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IDEX Surges +85% in a Single Day After Listing on Huobi Exchange
IDEX is trading in an uptrend, like many other Altcoins. The cryptocurrency IDEX just went up +85% in a single day by breaking a bullish pennant pattern with strong buying volume on multiple exchanges and surges over +97% in a week.
What is IDEX?
IDEX claims to be the first hybrid liquidity DEX that combines an order book model with an automated market maker. It blends the performance and features of a traditional order book model with the security and liquidity of an AMM. Idex takes an innovative approach to decentralised exchanges by combining an off-chain trading engine with on-chain trade settlement. Users benefit from that in several ways.
IDEX Price Analysis
At the time of writing, IDEX is ranked the 280th cryptocurrency globally and the current price is US$0.4125. Let’s take a look at the chart below for price analysis:
After looking at the above 1-hour candle chart, we can clearly see that IDEX was trading inside the bullish pennant pattern on the IDEX/USDT pair. The first resistance was on the $0.3255 price level, which IDEX broke with a strong bullish trend buying volume and is now heading towards the recent high price at $0.4652. Seeing that many Altcoins are holding a strong position this week after the recent bitcoin price crash, IDEX may continue to increase in the uptrend if traders keep buying with high volume.
“A bullish pennant is a technical trading pattern that indicates the impending continuation of a strong upward price move. They’re formed when a market makes an extensive move higher, then pauses and consolidates between converging support and resistance lines.”
What Do the Technical Indicators Say?
The IDEX TradingView indicators (on the 1-day) mainly indicate IDEX as a Strong Buy, except the Oscillators which indicate IDEX as a Buy.
So Why Did IDEX Break Out?
General market sentiment seems to suggest cryptos are hopefully turning back bull run season after recent price corrections. Another reason for this sudden pump in price could be whales secretly buying IDEX for the coming Altcoins rally. Recent news was also announced regarding a new listing on Huobi Crypto Exchange.
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Where to Buy or Trade IDEX?
IDEX has the highest liquidity on Binance Exchange, so that would help for trading IDEX/BTC or IDEX/USDT pairs. And if you’re looking at buying and HODLing cryptos, then Swyftx Exchange is an easy-to-use popular choice in Australia.
Author
Malik Junaid
Malik is a skilled writer with a background in Software Engineering. His interests are blockchain, cryptocurrency trading and market analysis.
