IDEX, the native token of the hybrid decentralized exchange (DEX) and market-making protocol of the same name, has seen a significant 33% increase in value over the past 24 hours, attracting the attention of investors. This cryptocurrency, commonly used for gas fees and liquidity provision on the Idex exchange, experienced a downward trend in the previous two weeks, dropping by 30% from $0.0920 on March 13 to a low of $0.0642 on March 20, in line with the broader market decline.

However, following this price dip, IDEX has recently made a strong comeback, reaching a 10-month high. The surge began over the weekend, with the token peaking at $0.0904 on March 23 before encountering resistance and retracing slightly.

The bullish momentum continued into the next day, pushing the price up to $0.1191 on March 23, surpassing the $0.1 psychological price level for the first time since May 2023. With an impressive gain of 48.24% on March 23, IDEX achieved its largest intraday increase in 23 months.

Despite a minor 4.48% decline today, the asset has managed to hold onto most of the gains from the weekend. Market data shows that IDEX has surged by 33% in the last 24 hours, positioning it as one of the top-performing cryptocurrencies during this period.

Although the exact cause of this recent surge remains unclear, data suggests that it may be driven by increasing demand and interest. IDEX’s trading volume has skyrocketed by 636% to $171.9 million in the past 24 hours, with Binance accounting for 66% of the total volume.

Moreover, Google Trends data reveals a significant spike in searches for IDEX since March 23, with interest levels rising from 23 to 92 as of 14:00 UTC on March 24. While interest has slightly declined since then, it remains considerably higher compared to the seven-day average.

Additionally, IDEX’s derivatives volume has surged by 1,364% in the last 24 hours, reaching $784.53 million, with Open Interest (OI) climbing by 508% to $35.67 million, based on Coinglass data. Currently trading at $0.1111, IDEX aims to maintain its position above the $0.11 mark despite the prevailing bearish market conditions.

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