As of June 7, 2025, the EDGEN/USDT trading pair is exhibiting a pronounced downtrend, characterized by declining prices and bearish technical indicators.
📉 Price Overview
Current Price: Approximately $0.0131 USD
24-Hour Change: Down 2.64%
7-Day Change: Down 25.88%
All-Time High: $0.0299 USD on June 1, 2025
Current Price Relative to ATH: Approximately 56% below the all-time high
These figures indicate a significant short-term decline, with the price more than halving from its peak just a week ago.
📊 Technical Indicators
Moving Averages: The asset is trading below key moving averages, suggesting a bearish trend.
Relative Strength Index (RSI): The RSI is in the oversold territory, indicating potential for a short-term rebound, but the overall trend remains downward.
MACD: The MACD line is below the signal line, reinforcing the bearish momentum.
These indicators collectively point to sustained selling pressure and a lack of bullish momentum.
📈 Volume and Market Activity
24-Hour Trading Volume: Approximately $32 million USD
Market Cap: Approximately $2.29 million USD
Circulating Supply: 176 million EDGEN tokens
coinmarketcap.com
The high trading volume amidst declining prices suggests active selling and potential distribution by holders.
🔍 Support and Resistance Levels
Immediate Support: $0.0126 USD
Next Support Level: $0.0110 USD
Resistance Levels: $0.0150 USD and $0.0170 USD
Breaking below the immediate support could lead to further declines, while reclaiming resistance levels would be necessary to reverse the downtrend.
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⚠️ Conclusion
The EDGEN/USDT pair is currently in a strong downtrend, with technical indicators and market activity supporting a bearish outlook. Traders should exercise caution and consider risk management strategies when engaging with this pair.
