IDEX, a leading entity in the decentralized exchange market, has reached its highest point since March of this year.
The IDEX (IDEX) token rose to $0.1150, representing an increase of over 335% from its lowest point this year, propelling its market capitalization to exceed $70 million. This surge occurred amidst significant trading activity, with the 24-hour trading volume soaring by more than 4,420% to hit $318 million.
This price movement coincided with the total value locked in IDEX’s network achieving an all-time high of $70 million. The majority of this trading volume is coming from its Ethereum (ETH) variant, with the remainder distributed across the IDEX Chain and Polygon.
Furthermore, data from DeFi Llama indicates that the weekly trading volume on IDEX V4, the platform for perpetual futures, surged to $84.2 million—marking the highest volume recorded. The total volume for the platform has now surpassed $388 million.
The token also experienced a rise in anticipation of the forthcoming launch of Buy & Lock, scheduled to occur later this week. This initiative aims to enhance its on-chain presence through a liquidity program.
Under this scheme, 100% of all fees generated within the network will be reinvested and locked. Half of these fees will be utilized to purchase IDEX tokens, which will decrease the circulating supply.
The other half of the tokens will be paired with the purchased IDEX and contributed to a Uniswap (UNI) liquidity pool. Developers are optimistic that Buy & Lock will create additional value and liquidity for the network.
This new initiative follows the developers’ launch of a points program that allows users to trade, accumulate points, and claim rewards every Friday. Users can reinvest these tokens, profiting as the IDEX price appreciates.
IDEX price meets resistance
The daily chart illustrates that the IDEX cryptocurrency price peaked at $0.1148 on December 9 before retreating to $0.086. This pullback coincided with a decline in Bitcoin (BTC) and most altcoins.
The token remains above a crucial resistance level at $0.060, its peak from August 28. It has surpassed all moving averages, indicating that bullish sentiment prevails.
IDEX has slightly dipped below the 61.8% Fibonacci Retracement level. Thus, the token is likely to recover and may test its recent high of $0.1148 this week. A breakthrough above that threshold could lead to further gains, potentially reaching the March high of $0.1253.
