Echo Protocol Exploit Leads to 12% Drop in ECHO Token Value
- Security Breach Incident: Echo Protocol was exploited on Monday, with the attacker minting 1,000 eBTC worth approximately $76.7 million, highlighting increasing security vulnerabilities in the DeFi sector that could undermine user confidence.
- Attack Methodology: The attacker utilized a known exploit route involving Curvance, depositing about $3.45 million in 45 eBTC as collateral to borrow approximately $867,700 in WBTC, which was then converted to ETH and sent to Tornado Cash, indicating the complexity and stealth of the attack method.
- Market Reaction: Following the exploit news, the ECHO token faced heavy selling pressure, dropping over 12% to around $0.0049, reflecting the market's strong reaction to the security incident and concerns about future transactions.
- Industry Impact: This incident marks the 14th security breach recorded in May, following attacks on THORChain and the Verus-Ethereum Bridge, indicating escalating security challenges in the crypto industry that may prompt stricter regulatory measures.
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Technical Analysis for TOKEN
Technical Sentiment Analysis for TokenFi (TOKEN). As of , TokenFi (TOKEN) is exhibiting a Neutral technical sentiment. Our proprietary analysis, which aggregates 7 technical signals, shows that 4 indicators are flashing buy, while 3 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for TOKEN 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, TOKEN 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 $-.
TokenFi (TOKEN) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 0.00208 | 0.0024 | 0.00269 | 0.00301 | 0.0033 | 0.00362 | 0.00391 |
| Fibonacci | 0.0024 | 0.00263 | 0.00278 | 0.00301 | 0.00325 | 0.00339 | 0.00362 |
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