Euro-Backed Stablecoins Achieve $680 Million Market Capitalization
Surge in Euro-backed Stablecoins: Euro-backed stablecoins have experienced a market capitalization increase of over 100%, reaching $680 million, following the implementation of the EU's MiCA regulation, which improved issuer obligations and reserve requirements.
Dominance of Specific Coins: The growth is largely attributed to specific coins like EURS, which saw significant gains, alongside EURC and EURCV, with transaction volumes for these coins increasing dramatically post-regulation.
Competition with USD-backed Stablecoins: Despite the growth of euro-backed stablecoins, they still face tough competition from USD-pegged counterparts, which dominate the market with a total cap of around $300 billion.
Impact of Partnerships: Mastercard's partnership with Circle in August may have contributed to the increased transaction volume of EURC, highlighting the influence of strategic collaborations in the stablecoin market.
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Technical Analysis for U
Technical Sentiment Analysis for Union (U) As of , Union (U) is exhibiting a Buy technical sentiment. Our proprietary analysis, which aggregates 8 technical signals, shows that 5 indicators are flashing buy, while 3 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status Currently, the Relative Strength Index (RSI) for U 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, U 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 $-.
Union (U) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 0.97 | 0.977 | 0.989 | 0.996 | 1.007 | 1.014 | 1.026 |
| Fibonacci | 0.977 | 0.984 | 0.989 | 0.996 | 1.003 | 1.007 | 1.014 |
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