EDGE token faced mixed supply dynamics as a $2.27 million deposit to KuCoin collided with persistent net outflows from exchanges. The tokens originated from a bridge contract before moving through intermediary wallets to the exchange, according to market analysis.
The deposit contrasted sharply with the token's buyback-and-burn activity during the second quarter, when approximately $47 million worth of EDGE was purchased and burned, reducing circulating supply.
Outflows Counter Exchange Deposit
The broader spot flows picture presented a different narrative. EDGE recorded three consecutive days of negative exchange netflows, with the aggregate outflow reaching -$419.36K by the time of analysis. This streak meant total outflows exceeded inflows despite the separate KuCoin deposit, decreasing the immediate exchange-side availability of tokens for sale.
The persistent negative readings partially offset supply risks from the large KuCoin deposit, as sustained withdrawals limited accessible selling supply.
Derivatives Pressure on Shorts
Short liquidations heavily exceeded long liquidations on September 8th, with short liquidations reaching $44.04K compared to $9.85K for long positions. Binance accounted for $39.92K of short liquidations, while Bybit and OKX recorded $1.04K and $3.09K respectively. Long liquidations remained elevated on Binance and OKX at $1.09K and $8.77K.
This liquidation imbalance indicated greater pressure on bearish positions as the token maintained its recovery structure.
Technical Levels
At the time of analysis, EDGE traded around $0.5841 after defending the $0.5632 support level. The RSI cooled to 69.53 after surging above overbought territory, suggesting buyers retained strength despite fading intensity.
Fibonacci levels placed the 0.618 retracement at $0.4828 and the 0.5 retracement at $0.5245, forming a support zone. A retreat into this region could attract fresh buying interest and establish a foundation for another price reversal.
