Sonic Labs ditch algorithmic USD stablecoin for UAE dirham alternative
Sonic Labs' Shift in Strategy: Sonic Labs has canceled its plans to launch a US dollar-pegged algorithmic stablecoin, opting instead to develop a dirham-denominated alternative following criticism and concerns over algorithmic stablecoins after the collapse of Terra's ecosystem.
UAE Digital Currency Announcement: The United Arab Emirates is set to launch its digital dirham central bank digital currency (CBDC) by Q4 2025, which aims to enhance financial stability and combat financial crime, while being accepted alongside physical currency.
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Technical Analysis for SONIC
Technical Sentiment Analysis for Sonic SVM (SONIC). As of , Sonic SVM (SONIC) 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 SONIC 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, SONIC 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 $-.
Sonic SVM (SONIC) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 0.0324 | 0.0347 | 0.0367 | 0.0391 | 0.0411 | 0.0434 | 0.0455 |
| Fibonacci | 0.0347 | 0.0364 | 0.0374 | 0.0391 | 0.0407 | 0.0418 | 0.0434 |
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