IDEX Price Prediction: Will it Reach $0.9 Again?

Key Insights:

• IDEX is down 92% from its all-time high price of $0.9745 recorded on September 8, 2021. 
• Short-term sentiment on IDEX is bearish despite a brief rally today. 
• The token currently ranks 389th in the list of cryptocurrencies worldwide by market capitalisation at $48 million. 

IDEX, the ERC-20-compatible token that powers a decentralised exchange (DEX), has rallied nearly 6% today as it reached the $0.077 level after a low of $0.07366 recorded on July 24.

The token has since dropped back to the $0.073 mark and remains 92% below its all-time high (ATH) price of $0.9745 set on September 8, 2021.

IDEX, which is hosted on both Ethereum (ETH) and Binance Smart Chain (BSC), combines an order book and automated market maker (AMM) to initiate and execute exchanges of supported cryptocurrencies. IDEX holders can stake tokens in order to help secure the protocol and earn rewards.

Price Action

IDEX started its journey at $0.03729 on May 11, 2019 but fell to the $0.01 level by the end of that year.

The token did not start gaining traction until August 2020 when the launch of IDEX 2.0 brought with it a range of new updates including increased transaction processing speeds, a new interface, advanced trading options and an upgraded API. Accordingly, IDEX’s price surpassed the $0.10 barrier during this month, reaching $0.1193 on August 28, before rising even further to $0.1293 by August 31.

However, its price then consolidated and the IDEX crypto did not see much price action until the next year when it reached $0.1822 on April 9, 2021. Following this, its price retreated to $0.05086 by May 24 – a 72% drop in 45 days.

By December 2020, IDEX had plummeted to $0.02. In comparison, 2021 was a breakthrough year for the token following a rally to the $0.09 level in September before a strong correction to $0.2 took place at the end of November that year.

Further drops occurred and by the start of this year, IDEX was trading in the $0.1 territory again despite a brief rally to $0.26 on February 2, 2022 when it unveiled a 0% fee promotion on its exchange.

As the markets bottomed out, the IDEX token closed last month at $0.07 and is currently trading at $0.073170. The coin ranks 389th in the list of cryptocurrencies worldwide by market capitalisation at $48 million.

Technical Indicators

Technical analysis shows that short-term sentiment on IDEX is bearish, with 10 indicators displaying bullish signals compared to 20 bearish signals at the time of writing.

The daily simple and exponential moving averages (EMA) are giving mostly buy signals, while the relative strength index (RSI) stands at 53.9.

An RSI reading of 30 or below indicates an oversold or undervalued condition, while a reading above 70 would suggest the asset is becoming overvalued or overbought.

In terms of an IDEX crypto price prediction, IDEX could see its price rising to $0.0815 by August 2022, falling to $0.02068 in January 2024 and dropping to $0.009068 by January 2025.