Binance Adds Four Tokens to Monitoring Tag List
Binance has announced the addition of four tokens to its “Monitoring Tag” list. These tokens include Beta Finance (BETA), BarnBridge (BOND), Waltonchain (WTC), and NEM (XEM). The purpose of placing these tokens on the monitoring list is to closely monitor their performance and potentially delist them if they fail to meet certain criteria.
Reasons for Placing Tokens in the Monitoring Tag List
Tokens are placed in the monitoring tag list due to their high volatility and risk compared to other listed tokens. Binance periodically reviews these tokens based on various criteria, including the team’s commitment to the project, trading volume and liquidity, level of public communication, network safety, and contribution to a healthy crypto ecosystem.
BETA Approaches Yearly Lows
The price of BETA has been on a downward trend since breaking an ascending support trendline in June. On October 4, it reached a low of $0.067, validating a descending support trendline that has been in place since June. If BETA breaks down from this line, it could decrease by another 15% and reach the $0.058 support area. However, a bounce could lead to a 28% increase to the next resistance at $0.089.
BOND Could Fall to All-Time Low
The price of BOND has fallen under a descending resistance trendline since January. The recent rejection from this trendline suggests that sellers have taken over. If the price continues to fall, the next support level will be at $1.78, which would be a new all-time low price for BOND. However, if there is a breakout from the resistance trendline, BOND could experience a 40% increase to the next resistance at $3.
WTC Suffers Another Rejection
The price of WTC has been under a descending resistance trendline since February. The recent rejections from this trendline indicate that sellers are in control. If the rejection continues, the price could fall to the closest support at $0.140. On the other hand, a breakout from the resistance trendline could cause a 25% bounce to the $0.200 resistance area.
XEM Price Trades in Bearish Pattern
NEM (XEM) has fallen under a descending resistance trendline since June. The recent rejection from this trendline suggests a potential breakdown from the bearish pattern. If this happens, XEM could experience a 42% drop and reach $0.014. However, a sudden reversal and breakout from the resistance trendline could lead to a 33% increase to $0.033.
Hot Take: Delisting Risk for Tokens on Binance
The addition of Beta Finance (BETA), BarnBridge (BOND), Waltonchain (WTC), and NEM (XEM) to Binance’s monitoring tag list highlights the potential risk of delisting for these tokens. High volatility and failure to meet listing criteria can result in delisting from the platform. Traders should closely monitor the price movements of these tokens and consider the potential risks involved.
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