EDGE (edgeX) faced fresh supply pressure from a $2.27 million deposit to KuCoin, but three consecutive days of negative exchange netflows partially offset the risk, with Spot netflow reaching -$419,000. Short liquidations on September 8 totaled $44,000 against $9,850 in long liquidations, supporting the price recovery. The token traded at $0.5841, with RSI cooling to 69.53. The Fibonacci golden zone between $0.4828 and $0.5245 could provide support if a deeper retracement occurs.
EDGE faced renewed supply pressure as a $2.27 million KuCoin deposit collided with persistent net outflows and a recovering price structure. According to a prominent market analyst on X, the tokens initially originated from a bridge contract before moving through three intermediary wallets toward the exchange.
However, this transfer heavily contrasted with the DEX’s aggressive buyback-and-burn activity during the second quarter. Approximately $47 million worth of EDGE was reportedly bought back and burned throughout Q2, limiting the circulating supply.
The deposit alone did not confirm selling activity, but its exchange destination increased the possibility of additional market supply. The broader Spot flows outlook provided a contrasting indicator as EDGE recorded three consecutive days of negative exchange netflows. The streak implied aggregate outflows exceeded inflows despite the separate $2.27 million KuCoin deposit.
At the time of writing, the Spot netflow had reached -$419,000, extending the sequence of withdrawals from exchanges into a third session. These persistent negative readings decreased immediate exchange-side availability and partially countered supply risks around the large deposit.
The derivatives activity added another layer of support as short liquidations heavily exceeded long liquidations on September 8. According to CoinGlass, total short liquidations reached $44,000, compared with $9,850 across long positions. Binance accounted for approximately $39,900 of those short liquidations, while Bybit and OKX recorded $1,040 and $3,090 respectively. Long liquidations remained elevated on Binance and OKX, reaching $1,090 and $8,770 respectively.
The liquidation imbalance highlighted greater pressure on bearish positions as EDGE maintained its broader recovery structure. The short liquidations complemented the persistent Spot net outflows, implying sellers faced resistance across different market segments.
At the time of analysis, edgeX (EDGE) market price sat around $0.5841 after defending the $0.5632 zone, keeping its recovery structure above that major level. The RSI cooled to 69.53 after surging above the overbought threshold and briefly extending beyond 80. This implied buyers retained considerable strength, although the pullback showed earlier intensity had started fading.
The Fibonacci levels placed the 0.5 retracement at $0.5245 and the 0.618 level at $0.4828. This golden zone could provide stronger support if EDGE extends its current price retracement. A retreat into this region could potentially attract fresh buying interest and establish a foundation for another price reversal. Losing the $0.5632 support level would not automatically invalidate the recovery but rather open a deeper retracement toward a technically significant zone capable of supporting the next upside attempt.
