MegaETH Foundation Completes First Token Buyback
- First Token Buyback: On May 7, MegaETH Foundation announced the completion of its first token buyback, utilizing all net rewards accrued from the USDm stablecoin issuer through the end of April, marking a proactive step in its market strategy.
- USDm Supply Status: The supply of USDm, a synthetic stablecoin created in partnership with Ethena, has reached $480 million, with this growth providing funding support for future buybacks and enhancing market confidence.
- Buyback Mechanism Design: The foundation stated that future buybacks will be programmatic and on-chain to avoid discretionary decisions and support the stability of MegaETH's own markets, ensuring transparency in capital flows.
- Market Reaction: Following the announcement of the first buyback, MegaETH's native token MEGA rose over 8% within 24 hours, although it has since slightly retreated to $0.122, indicating an initial positive market response to the buyback plan.
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Technical Analysis for MEGA
Technical Sentiment Analysis for MegaCryptoPolis (MEGA). As of , MegaCryptoPolis (MEGA) is exhibiting a Neutral technical sentiment. Our proprietary analysis, which aggregates 0 technical signals, shows that 0 indicators are flashing buy, while 0 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for MEGA 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, MEGA 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 $-.
MegaCryptoPolis (MEGA) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | - | - | - | - | - | - | - |
| Fibonacci | - | - | - | - | - | - | - |
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