EDGE Token Plummets, Sparks Market Manipulation Allegations
- Token Collapse: The EDGE token plummeted to around $0.40 on June 1, marking a 51% drop from its all-time high of $1.54, resulting in over $6.2 million in liquidations and highlighting extreme market volatility.
- Manipulation Allegations: The edgeX team acknowledged the irregular price movement and stated they are investigating the incident; however, on-chain researcher ZachXBT accused them of having a supply controlled by a small group, questioning the project's transparency.
- Liquidation Impact: CoinGlass data revealed that the price drop triggered approximately $6.2 million in liquidations within 24 hours, with $4.84 million stemming from long positions, primarily concentrated on exchanges like Binance, Bybit, and OKX.
- Security Concerns: The recent string of exploits in the crypto market raised concerns about the security of EDGE's parent platform, prompting edgeX to categorically deny any hacking incident while asserting that no security breaches occurred.
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Technical Analysis for TOKEN
Technical Sentiment Analysis for TokenFi (TOKEN). As of , TokenFi (TOKEN) is exhibiting a Sell technical sentiment. Our proprietary analysis, which aggregates 4 technical signals, shows that 1 indicators are flashing buy, while 3 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for TOKEN stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the crypto.
Support, Resistance & Moving Averages. From a structural perspective, TOKEN is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
TokenFi (TOKEN) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 0.002 | 0.0022 | 0.00237 | 0.00257 | 0.00273 | 0.00293 | 0.0031 |
| Fibonacci | 0.0022 | 0.00234 | 0.00243 | 0.00257 | 0.00271 | 0.00279 | 0.00293 |
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