Namada Suffers $600,000 Exploit, Diminishing Ecosystem Value
- Security Breach Loss: On June 20, Namada confirmed a security exploit in its multi-asset shielded pool, resulting in a loss of approximately $600,000, effectively wiping out nearly all value and exacerbating security concerns within the Cosmos ecosystem.
- Total Value Locked Plummets: Following the attack, Namada's total value locked (TVL) crashed from around $600,000 to just $598, indicating a severe loss of user confidence that could lead to user attrition and stunted project development.
- Ecosystem Crisis Intensifies: This incident occurred just hours after a separate attack on Secret Network, where $4.67 million was drained, highlighting a series of security issues plaguing the Cosmos ecosystem that may prompt further project exits and undermine overall market confidence.
- Lack of Transparency: The Namada team has yet to release a post-mortem or timeline for service restoration, raising user concerns about transparency and recovery capabilities, which could further damage its credibility and user base.
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Technical Analysis for SCRT
Technical Sentiment Analysis for Secret (SCRT). As of , Secret (SCRT) is exhibiting a Strong sell technical sentiment. Our proprietary analysis, which aggregates 6 technical signals, shows that 1 indicators are flashing buy, while 5 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for SCRT 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, SCRT 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 $-.
Secret (SCRT) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 0.0283 | 0.0362 | 0.0447 | 0.0526 | 0.0611 | 0.069 | 0.0775 |
| Fibonacci | 0.0362 | 0.0424 | 0.0463 | 0.0526 | 0.0588 | 0.0627 | 0.069 |
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