Crypto.news data shows that IDEX jumped as much as 50% on Sep. 1 during the Asian morning session, reaching a five-week high of $0.039 before easing to $0.036 at press time.
The rally unfolded amid surging activity, with trading volume spiking nearly 550% in the past four hours to around $66 million. Meanwhile, the token’s market cap hovered near $36 million.
Despite the absence of major announcements or new partnerships, the upswing seems to have been fueled by renewed whale interest. Santiment data reveals a recent increase in wallets holding between 10,000 and 100 million IDEX tokens over the past two days. Such whale accumulation typically boosts visibility, reflects large-investor confidence, and often draws in retail traders driven by FOMO and momentum.
Derivatives activity also appears to have been a key driver behind IDEX’s latest rally. CoinGlass data shows that open interest in IDEX futures jumped 185% to $5 million at press time. At the same time, the token’s weighted funding rate flipped negative, meaning short sellers are paying longs to keep positions open—an indication that many traders expect a near-term pullback.
Still, if IDEX continues to climb, this imbalance could spark a short squeeze, potentially accelerating the token’s upside momentum.
That said, the rally remains vulnerable given the lack of strong catalysts, such as major project developments or new partnerships in the short term.
IDEX price analysis
On the daily chart, IDEX has been consolidating within a descending triangle pattern over the past five weeks. This bearish setup, marked by a flat support level and a sequence of lower highs, suggests persistent selling pressure and the possibility of further downside ahead.
IDEX has challenged the bearish outlook by breaking above the triangle’s upper trendline yesterday, signaling the start of a potential trend reversal.
Supporting this bullish move, momentum indicators are turning positive: both the MACD and the Relative Strength Index are trending upward, reflecting increasing buying pressure.
Crucially, IDEX has also formed a golden cross, with the 50-day simple moving average crossing above the 200-day SMA—a classic bullish signal that often marks the start of a longer-term uptrend.
Based on the triangle’s height and the breakout strength, the next potential target for IDEX is $0.048, representing a projected 33% gain from current levels. A decisive move above this point could open the door for a push toward the $0.050 psychological resistance.
On the flip side, if whale-driven momentum fades, IDEX could retrace to $0.023, which has served as a solid support level over the past few weeks.
