Ethena Publishes Emergency Reserve Report Following USDe Drop to $0.65
Ethena Labs' Response to Market Concerns: Ethena Labs issued an unscheduled Proof of Reserves report to reassure investors about the backing of its token, USDe, which remains overcollateralized with approximately $66 million in surplus despite market turbulence.
Debate Over USDe's Classification: Critics, including Conflux co-founder Forgiven, argue that USDe functions more like an investment certificate rather than a true stablecoin, suggesting that its branding as a stablecoin is a strategic move to enhance market appeal.
Impact of Arbitrage on USDe's Value: The sharp decline in USDe's value was attributed to forced liquidations by arbitrage traders, which depleted collateral reserves and triggered a series of margin calls and liquidations across the ecosystem.
Current Status and Recovery: As of the latest update, USDe has partially recovered to around $0.91, while Ethena Labs continues to focus on transparency to rebuild market confidence.
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Technical Analysis for CFX
Technical Sentiment Analysis for Conflux (CFX) As of , Conflux (CFX) is exhibiting a Neutral technical sentiment. Our proprietary analysis, which aggregates 5 technical signals, shows that 2 indicators are flashing buy, while 3 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status Currently, the Relative Strength Index (RSI) for CFX 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, CFX 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 $-.
Conflux (CFX) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 0.0177 | 0.029 | 0.0403 | 0.0516 | 0.0629 | 0.0742 | 0.0855 |
| Fibonacci | 0.029 | 0.0376 | 0.043 | 0.0516 | 0.0602 | 0.0656 | 0.0742 |
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