![edgeX [EDGE] surges 18% as buybacks hit $13mln](/_next/image?url=https%3A%2F%2Fimages.askfuzz.ai%2Farticle_images%2Fdefault.jpg&w=3840&q=75)
According to reports from AMBCrypto, edgeX has delivered exceptional performance with an 18% surge over 24 hours, significantly outperforming the broader market. This rally reflects more than short-term speculation and points to a shift in underlying market structure. The move appears driven by a combination of strengthening fundamentals and sustained bullish pressure, with the team's continued supply reduction strategy serving as a major driver behind the latest price advance.
As reported by AMBCrypto, the team deployed $838,000 in buybacks during this recent rally, demonstrating active market support. Since initiating the program in April, total buybacks have reached $13 million, steadily removing tokens from the open market. This contraction in supply has coincided with rising demand, with 610 new wallets entering the market over the same period. Total holders now stand at 20,600, indicating expanding participation in the ecosystem.
According to AMBCrypto analysis, EDGE continues to trade within a bullish flag pattern, a formation typically linked to trend continuation. The structure followed a strong upward move with price consolidating within descending resistance and stable support. Price has now approached the upper boundary of this pattern, with a confirmed breakout potentially opening the path toward the recent local high of $1.19 recorded on April 3rd. Momentum indicators support this setup, with the Bull Bear Power indicator printing three consecutive higher green histogram bars.
Despite the constructive technical setup, some resistance is emerging in the spot market, as reported by AMBCrypto. Sell-offs recorded over the past 24 hours marked the second-largest daily outflow since inception, though total selling remained limited at $63,000. Overall trading activity has weakened significantly, with volume dropping 43% to approximately $201 million at press time. This divergence between rising prices and falling volume suggests the current move may struggle without fresh demand, though ongoing buybacks and steady user growth maintain the broader trend intact.
