Whales Waddle In! IDEX Price Soars 50%-Can It Hit $0.050? 🐘💰

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Ah, the whales have returned to the crypto seas, and lo! IDEX has risen by 50%-a veritable champagne toast for the wealthy! Will it collapse like a poorly constructed teacup, or will it soar to $0.050, the elusive holy grail of crypto? 🕵️‍♂️

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Demand from derivatives traders also appears to have played a significant role in IDEX’s gains today. According to data from CoinGlass, open interest in IDEX futures surged by 185% to $5 million as of press time. Meanwhile, the token’s weighted funding rate has turned negative. This indicates that short sellers are paying long positions to keep their trades open-signaling that many traders are anticipating a short-term pullback in IDEX’s price. (Short sellers, ever the drama queens, now pay to stay in the game!)

However, if the IDEX price continues to rise, this imbalance could trigger a short squeeze, potentially fueling further price appreciation for the token. (A short squeeze: the crypto equivalent of a surprise party with no invitations.)

Despite this, the token’s rally remains at risk owing to the absence of any strong potential drivers, such as any major developments or partnerships in the short term. (A precarious tightrope walk, if you’ll pardon the metaphor.)

IDEX price analysis

On the daily chart, IDEX has formed a descending triangle pattern over the last 5 weeks. Such a bearish structure is typically defined by a flat support base and a series of lower highs, which reflect sustained selling pressure and signals more decline ahead. (A gloomy forecast, but then again, who needs optimism when you have a crystal ball?)

However, IDEX invalidated the bearish setup as it broke above the upper trendline of the triangle yesterday, marking the beginning of a potential trend reversal. (A dramatic exit from the bearish clutches-how very Shakespearean!)

Momentum indicators support this bullish breakout. Both the MACD lines and the Relative Strength Index are trending upward, indicating growing positive momentum. (The stars align, or at least the charts do.)

More importantly, IDEX has also confirmed a golden cross, as the 50-day simple moving average crossed above the 200-day one. The classic bullish signal typically marks the beginning of a longer-term uptrend. (A golden cross! How romantic!)

Based on the height of the triangle and the strength of the breakout, the next likely target for IDEX stands at $0.048, which would represent the projected move based on the breakout from the triangle pattern and implies a 33% jump from current levels. A decisive move above that level could pave the way for a rally toward the $0.050 psychological resistance. (A 33% jump? How pedestrian!)

On the contrary, if the hype around whale accumulation fails, IDEX could likely drop to $0.023, which has stood as a strong support level for the last couple of weeks. (A fallback plan, should the whales decide to take a holiday.)

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2025-09-01 10:32