Foreign media analysis suggests that EdgeX token EDGE recently broke below the key $1.2092 level after holding support for nearly three weeks. Buyers had previously tested this level multiple times in May, but several attempts to break into the $1.35 to $1.40 range failed, leading to a continued weakening of upward momentum.
The $1.20 support level was breached.
EDGE initially rebounded from around $1.20, rising to $1.42, before briefly stabilizing in the $1.36-$1.40 range. However, this rebound failed to attract sustained buying, and sellers regained control in the upper range. As selling pressure intensified, EDGE closed below $1.2092 and fell back to around $1.1781, confirming a breach of key support.
The article argues that the previous support level has now become resistance after being broken. If buyers cannot quickly recover $1.2092, the market may continue to search for a new price equilibrium below the previous trading range.
Price and volume indicators do not support a rebound.
Judging from trading volume and capital flow indicators, the foundation of this rebound is not solid. During the price rise, the OBV remained around -99.28 million, showing no obvious signs of accumulation. At the same time, the CMF fell to -0.29, indicating that funds are still flowing out, rather than supporting the price recovery.
This means that while EDGE rebounded from the $1.20 area to $1.42, demand did not increase accordingly. As buying momentum weakened, sellers eventually pushed prices below key support. Foreign media outlets believe that the rebound in late May was more of a distribution phase than the start of a sustained reversal.
Market focus on the $1.09 area
Under the current structure, the market may focus more on the support level around $1.09. If it continues to weaken, $0.97 may also come into view. However, the article also points out that the trend is not yet fully set.
If EDGE can regain its footing above $1.2092, the price will return above the previously breached support zone; a further recovery above $1.2637 would indicate that buyers are not merely passively accepting selling pressure, but are beginning to rebuild demand. If this happens, the price may have the opportunity to retest the previous high-volume trading zone between $1.36 and $1.40.
