Monero Faces Loss in Value as Binance Removes Privacy Coin
The leading privacy-focused cryptocurrency, Monero (XMR), has experienced a significant 32% decline in its value within the last day. This decline comes after the announcement that Binance, one of the globe’s leading cryptocurrency exchanges, plans to remove Monero from its platform. Binance cited non-compliance with its listing criteria as the reason for the delisting. Additionally, Binance will also remove three other cryptocurrencies, ANT, MULTI, and VAI, on the same date, Feb. 20, 2024.
As a result, trading for pairs such as XMR/BNB, XMR/BTC, XMR/ETH, and XMR/USDT will cease on Binance. The announcement explains that Binance periodically reviews each digital asset it lists to ensure it maintains the necessary standards. When a coin or token no longer meets these standards or the industry changes, Binance conducts an in-depth review and potentially delists it to protect its users.
Market Impact: Monero Value Drops as Binance Delists XMR
Binance’s decision to delist Monero follows Okx’s lead from December. This move has caused a significant 32% drop in Monero’s market value in the 24-hour period following the announcement. Prior to the delisting news, 29% of Monero’s trading volume on Binance was in the XMR/USDT pair, totaling $64,332,318. Monero’s price fell sharply from an opening of $166.45 to a low of $108 on Tuesday.
Technical indicators provide cautionary signals for Monero investors. The relative strength index (RSI) and the Stochastic oscillators hover in bearish territories, indicating a lack of upward momentum. The commodity channel index (CCI) and the momentum indicator also suggest stronger selling pressures. These mixed signals necessitate a vigilant approach by Monero traders, as there could be either stabilizing or declining trends.
Bearish Outlook for Monero
Monero’s moving averages (MAs) reinforce the bearish sentiment in the market. MAs across all timeframes, from the 10-day to the 200-day averages, align in bearish regions. This consensus among the MAs suggests that the path of least resistance for Monero’s price is downwards. The combination of high trading volume during the price drop and the lack of visible historical support levels further complicates the potential for a quick recovery. Therefore, investors and traders should prepare for possible turbulence ahead as Monero continues to face challenges.
Hot Take: Monero Struggles as Binance Delists Privacy Coin
The recent announcement of Binance’s plan to delist Monero has had a significant impact on the value and trading volume of the privacy-focused cryptocurrency. With a 32% decline in value within 24 hours and the removal of trading pairs on Binance, Monero faces challenges ahead. Technical indicators suggest caution for investors, with oscillators and moving averages indicating bearish sentiments. As Monero navigates this challenging period, it is important for traders to remain vigilant and carefully consider their investment strategies. The removal from Binance raises questions about the future of Monero and its ability to maintain its privacy-focused principles in the ever-changing cryptocurrency industry.
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