IDEX crypto pumps 25% a week ahead of mainnet DEX debut - What’s next?#idexpump

Will the perpetual DEX mainnet debut be a 'sell-the-news' event for IDEX?
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• IDEX crypto exploded ahead of mainnet launch for perpetual DEX. 

• Will the mainnet update be a ‘sell-the-news’ event? 

Speculators have been bullish on IDEX crypto, a native token for Idex, an omnichain perpetual DEX (decentralized exchange), ahead of its mainnet launch.

The token surged nearly 25% in the past seven trading days, decoupling from the rest of the market decline. 
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Idex has been operating on testnet since May, enabling trading for select top assets like Bitcoin [BTC], Ethereum [ETH], and Solana [SOL]. 
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Its mainnet, set to go live on the 29th of August, will add more assets and features. Traders had early positioning for the announcement, as seen by the surge in market cap from $31 million to a peak of $48 million. 
$SOL
As a result, the mainnet debut might act as a sell-the-news event. But where are the key levels to watch as the next chapter for IDEX begins? 

IDEX crypto price levels to watch

On price charts, the explosive rally that began on the 27th of August, was triggered at the 50-day EMA (Exponential Moving Average). After that, IDEX reclaimed its early 2024 support above $0.045 (marked cyan). 

However, at the time of writing, the upswing faced rejection at the supply zone and previous Q2 support within $0.055 — $0.060 (marked red).
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The cool-off was back at the previous support at $0.045, which could offer market re-entry for late bulls if it was defended. 

The bullish targets for IDEX were the immediate supply zones at ($0.055 — $0.060) and above $0.065 (marked white).
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The bullish readings on RSI (Relative Strength Index) and Stochastic RSI supported the bullish.

However, the indicators also flashed overbought conditions. A caution for bulls. A drop below $0.045 would invalidate the bullish thesis. In such case, the dynamic support of 50-EMA would be a key level to watch out for. 

$IDEX IDEX (IDEX) Analysis

**Current Price:** $0.03619
**Target Price (October 30, 2024):** $0.04
**Sell Price (October 30, 2024):** $0.0375

**Market Sentiment:** Bullish

IDEX is showing positive momentum as it benefits from the growing interest in decentralized finance (DeFi). The recent increase in trading volume indicates a resurgence in investor interest, which could drive the price higher. Technical indicators suggest a potential breakout above resistance levels, supporting a target price of $0.04 by October 30, 2024.

With the DeFi space evolving, IDEX’s unique features and commitment to innovation position it well for future growth. Traders should consider setting a sell price around $0.0375 to lock in profits while monitoring market conditions for any shifts in sentiment.

Overall, the outlook for IDEX remains optimistic as it capitalizes on broader market trends and enhances its platform capabilities.
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