IDEX, the hybrid liquidity DEX token, saw a sharp rally this week, jumping nearly 50% to touch a five-week high of $0.039. At the time of writing, the token trades near $0.036, with traders debating whether this momentum can carry it toward the key $0.050 mark or if a pullback is imminent.
Whale Activity Drives Momentum
According to Santiment data, large investors have been quietly accumulating IDEX. Wallets holding between 10,000 and 100 million tokens have risen noticeably over the past two days. Such whale interest often signals confidence in the asset and tends to attract retail traders chasing the momentum.
Meanwhile, trading activity surged dramatically. IDEX’s daily trading volume spiked by more than 550% to around $66 million, while its market capitalization climbed to $36 million. Derivatives markets also played a role, with open interest in IDEX futures jumping 185% to $5 million. Interestingly, the weighted funding rate has flipped negative, suggesting that short sellers are paying longs — a setup that could trigger a short squeeze if prices continue upward.
Technical Analysis: Trend Reversal Confirmed?
On the daily chart, IDEX had been forming a descending triangle, a typically bearish pattern characterized by lower highs. However, the token invalidated this setup by breaking above the upper trendline, signaling a potential shift in momentum.
Indicators support the breakout:
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MACD and RSI both point upward, reflecting increasing bullish momentum.
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Golden Cross: The 50-day SMA has crossed above the 200-day SMA, a strong bullish signal that often precedes sustained rallies.
Based on the breakout pattern, IDEX could target $0.048 in the near term, a 33% rise from current levels. If momentum persists, the next psychological barrier is $0.050, which may act as a critical resistance level.
Risks and Bearish Scenario
Despite optimism, caution remains warranted. The rally appears to be driven mainly by whale accumulation and speculative momentum rather than concrete catalysts such as new partnerships or protocol upgrades. If enthusiasm fades, IDEX could retrace back to strong support near $0.023.
Outlook
For now, IDEX sits at a crossroads. Whale buying and bullish technical signals support the case for further upside, with $0.048–$0.050 as the next targets. But without fundamental drivers, the token remains vulnerable to sharp pullbacks. Traders should watch for whether whale activity continues — or if profit-taking leads to a reversal.
