Monero Minus 29% as Binance Delists XMR
The Monero price experienced a 29% dip on Tuesday, and in the last 24 hours, it is down by 11%, trading at $126.40 at 4:10 a.m. EST time. Trading volume has surged almost 280% due to increased selling activity following Binance’s announcement of the delisting of the XMR token on February 20. Binance cited non-compliance with its listing criteria as the reason for the delisting. XMR, Aragon (ANT), Multichain (MULTI), and Vai (VAI) are the four cryptocurrencies slated for delisting. Binance’s decision centers around the privacy matter. Some traders believe that this might represent the Monero price’s bottom, similar to what happened when Binance delisted Helium (HNT).
Impact on Monero Price
The Monero ecosystem is powered by XMR, a project designed to facilitate private and anonymous transactions. Binance’s decision has led to a surge in investor confidence due to the network’s commitment to privacy. Some believe that this will secure Monero’s place in the top 5 long term.
Monero Price Outlook
With the Monero price exhibiting signs of recovery and facing resistance near the 38.2% Fibonacci level of $131.20, the Relative Strength Index (RSI) indicates a weak price strength. Confirming this bearish outlook are signals from the Awesome Oscillator (AO) and the Moving Average Convergence Divergence (MACD). However, a resolve from the bulls could see the Monero price pushing north, reclaiming the support offered by the 38.2% Fibonacci level at $131.20 and possibly breaching higher levels.
Promising Alternative To Monero
Standing among experts’ top choices for the best penny cryptos this year, eTukTuk aims to assist TukTuk drivers in utilizing less energy. With a strong use case, its staking mechanism offers 267% annual percentage yields (APY). The ICO for eTukTuk also shows potential.
Hot Take
The decision by Binance to delist Monero due to privacy concerns has affected its price negatively. However, some believe that this presents a buying opportunity and solidifies Monero in the long run. On the other hand, eTukTuk’s sustainable transport solution offers an attractive investment opportunity in the crypto space. This alternative presents a promising investment for those looking toward a greener, sustainable future.
Insa’s extensive background in the financial realm encompasses roles as a writer, trader, and personal finance coach. Her proficiency spans a wide spectrum, ranging from commodities and indices to forex and cryptocurrencies. Insa’s specialization lies in furnishing strategic investment advice tailored to the fintech investment niche.