Elixir Discontinues deUSD Stablecoin Following $93M Loss in Streaming Revenue
Elixir Discontinues deUSD: Elixir has announced the discontinuation of its synthetic stablecoin deUSD due to significant losses linked to the collapse of Stream Finance, which resulted in approximately $93 million in total damages, including $75 million of deUSD trapped in the failed protocol.
Impact of Stream Finance's Collapse: The failure of Stream Finance, caused by smart contract vulnerabilities and a flawed liquidation system, has severely affected Elixir and other protocols, highlighting the interconnected risks within the decentralized finance (DeFi) ecosystem.
User Consequences and Recovery: Users are facing substantial unrealized losses with limited recovery options, as Elixir has not yet provided a clear plan for affected users, raising concerns about the safety of synthetic assets and the need for better risk management.
Future Implications for DeFi: The situation serves as a wake-up call for the crypto and DeFi community, potentially leading to increased scrutiny of DeFi protocols and a renewed focus on security audits and transparency.
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Technical Analysis for ENA
Technical Sentiment Analysis for Ethena (ENA) As of , Ethena (ENA) 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 ENA 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 stock.
Support, Resistance & Moving Averages From a structural perspective, ENA 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 $-.
Ethena (ENA) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 0.047 | 0.0734 | 0.101 | 0.128 | 0.156 | 0.182 | 0.21 |
| Fibonacci | 0.0734 | 0.0941 | 0.107 | 0.128 | 0.149 | 0.161 | 0.182 |
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