EDGE rebounded after weeks of declines, with market activity picking up as well. In the past 24 hours, the token rose to around $0.40, a daily increase of approximately 19%, with trading volume increasing to $12.53 million, indicating a return of funds to the asset.
Although this rebound is still relatively limited compared to the previous sharp decline, the increased trading volume indicates that market attention to EDGE is recovering. Amidst a generally weak sentiment, buying interest is returning.
Futures positions increased in tandem
Participation in the derivatives market is also rising. Data shows that EDGE open interest increased by 21.39% to $17.52 million, indicating that new positions have entered the futures market during the rebound.
A simultaneous increase in both price and open interest typically indicates the presence of new funds, rather than simply passive fluctuations in existing positions. This also suggests that traders are still preparing for upcoming price movements.
- The price increased by approximately 19% in the last 24 hours.
- Trading volume rose to $12.53 million.
- Open interest rose to $17.52 million.
Short liquidation exceeded long liquidation.
The liquidation data also reflects that short-term pressure is concentrating on the short side. The amount of short liquidation was approximately $45,100, while the amount of long liquidation was approximately $14,000, with the former being significantly higher.
This means that as prices rebounded, some positions that had continued to bet on a decline were forced to close, further boosting market buying. Although the overall liquidation was not large, short liquidation was dominant, indicating that short-term sentiment has improved compared to before.
$0.4216 becomes short-term resistance.
From a price perspective, EDGE is still in a recovery phase. The token fell sharply from around $1.50 earlier this month and is currently trading around $0.4013, approaching the short-term resistance level of $0.4216.
Technical indicators show that the RSI has rebounded to 30.88, recovering from its previous deeply oversold state, indicating a significant easing of selling pressure. However, the indicator remains below 50, suggesting that buyers have not yet fully gained control. Meanwhile, the Parabolic SAR remains above the price, indicating that the overall trend signal has not yet strengthened.
If the price subsequently rises above $0.4216, it may target the $0.50 level; if it fails to break through, the price may retest the $0.3346 support level.
