ECB Rejects Proposal for Euro Stablecoin Support
- Liquidity Requirements Tightened: The ECB has rejected proposals to loosen liquidity requirements for euro stablecoin issuers, emphasizing that the growth of stablecoins should not come at the expense of weakening the banking system's deposit base, thereby ensuring financial stability and effective monetary policy.
- Bank Funding Risks: Central bankers are concerned that stablecoin issuers could become large holders of liquidity, leading banks to raise funding costs, which could impact their lending capacity and potentially increase borrowing costs for households and businesses.
- Competitiveness Issues: The Bruegel think tank warns that stricter EU regulations could push stablecoin issuance and trading offshore, further entrenching the dominance of dollar-backed stablecoins, with euro stablecoins currently accounting for only 0.3% of the global stablecoin market.
- Bank Involvement in Stablecoins: Despite policy uncertainties, the Qivalis consortium has expanded to 37 banks and plans to launch a MiCA-compliant euro stablecoin in the second half of this year, indicating banks' proactive exploration of stablecoin products, which may align with the ECB's regulatory preferences.
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Technical Analysis for STABLE
Technical Sentiment Analysis for (STABLE). As of , (STABLE) is exhibiting a Strong buy technical sentiment. Our proprietary analysis, which aggregates 6 technical signals, shows that 5 indicators are flashing buy, while 1 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for STABLE 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 crypto.
Support, Resistance & Moving Averages. From a structural perspective, STABLE 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 $-.
(STABLE) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 0.0211 | 0.0259 | 0.0305 | 0.0352 | 0.0398 | 0.0445 | 0.0491 |
| Fibonacci | 0.0259 | 0.0294 | 0.0316 | 0.0352 | 0.0387 | 0.0409 | 0.0445 |
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