IDEX jumps 183% in three days after listing Synapse protocol

Key Takeaways:

• IDEX prices have jumped 183% in the first three days of Feb.
• A likely fundamental could be the platform listing the Synapse protocol’s token.

NEW DELHI (CoinChapter.com) — IDEX, a hybrid liquidity decentralized exchange, saw its native token of the same name rally over 183% since Feb. 1.

In detail, the IDEX price jumped from Feb. 1’s low of $0.116 to as high as $0.329 on Feb. 3, before correcting lower by 22.50% to $0.255 on profit-taking sentiment. Nonetheless, the massive upside boom helped the DEX token recover its losses in the last thirty days.

The recent price surge also put IDEX prices above their 50-day,100-day, and 200-day MA lines, making it bullish across all time horizons. Meanwhile, if bulls overpower the bears, IDEX would likely test immediate resistance at $0.304.

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A stronger bullish uptrend could carry prices to $0.362 if IDEX holds the 100-day MA support level near $0.249. After that, further upside movement would likely take IDEX prices to $0.436 before pullbacks occur.

The relative strength index for IDEX moved into overbought regions on Feb. 2 after a near-vertical jump following its meteoric price gains since Feb. 1. However, profit-taking by bears tempered the RSI movement, with IDEX RSI now clocking a technically neutral value of 68.86 on the daily charts.

IDEX’s MACD Giving Bullish Signals

Trend-based momentum oscillator MACD charted a bullish crossover for IDEX on Jan. 31.

In detail, a bullish crossover occurs when the MACD line (difference between 12-day and 26-day EMA) moves above the MACD signal line (9-day EMA of MACD), indicating a reversal of momentum from bearish to bullish regions.

Since the crossover, bars on the MACD histogram are expanding, indicating that the bullishness of the momentum is strengthening.

If IDEX prices fail to hold immediate support near $0.237, the token could likely fall to support near its 50-day Moving Average line at $0.211. Instead, IDEX has support near $0.182, right above its 26-day EMA line.

Synapse Protocol

IDEX cryptocurrency exchange recently announced the listing of Synapse Protocol.

In detail, Synapse is a cross-chain layer powering interoperability between blockchains. The protocol has two components: a multi-party computation validators powered Synapse Network, which reacts to events on blockchains connected by the Synapse network, and a so-called Synapse AMM.

Also Read: Crypto.com’s MCO token jumps more than 82% after nearly 4 weeks of downtrend.

The second component is the Synapse AMM.

The crypto exchange announced the listing of the SYN/ETH trading pair, along with a liquidity pool and yield farm. Interestingly, its token began surging ahead right after news of the listing spread.

At the time of writing, IDEX was trading at $0.246, down 8.05% on the day.