• Fei USD (FEI) is a decentralized finance (DeFi) algorithmic stablecoin.
• The network held an audit contest in September 2022 that attracted attention from contestants around the globe.
• FEI is slightly down in the market from yesterday’s price, trading at $0.9898 but it is still trading above its 50-day Simple Moving Average and 200-day SMA.
Overview of Fei USD
Fei USD (FEI) is a decentralized finance (DeFi) algorithmic stablecoin that utilizes a stability mechanism known as Protocol Controlled Value (PCV) to maintain its peg to the USD. The Fei protocol is powered by two crypto assets, FEI stablecoin and TRIBE governance token. FEI is an ERC-20 stablecoin and the native token of the protocol.
Fei Protocol Audit Contest
In September 2022, Fei Protocol held an audit contest that increased awareness among users about 1:1 DAI wrapping of FEI and other events that affected its users. This event helped boost the popularity of FEI among crypto users worldwide.
Current Price Performance of Fei USD
Fei USD price fluctuates today as the general crypto market records a pullback. The global crypto market capitalization is now $971 billion, a 3.76% decrease in 24 hours. FEI is also trading at $0.9837, a reduction from yesterday’s close of $0.9811. Despite the pullback, it is still trading above its 50-day Simple Moving Average and 200-day SMA indicating potential upside break out on the price trend’s sideways movement
The Relative Strength Index (RSI) for Fei USD currently stands at 54.94 which puts it in neutral zone meaning that the asset price can go in either direction in near future while The Moving Average Convergence/Divergence (MACD) remains above its signal line offering bullish sentiment for investors .
Fei USD has made some remarkable strides since its inception with most recent recognition from audit contest attracting attention from contestants around the globe while current technicals suggest potential upside breakout on chart with RSI & MACD both providing bullish sentiment for investors .