The leading privacy-focused cryptocurrency by market valuation, monero, experienced a sharp 32% decline within the last day after news broke that Binance intends to remove the coin from its platform. Citing non-compliance with its listing criteria, Binance announced that monero, along with three other cryptocurrencies, will be taken off its exchange on Feb. 20, 2024.
Monero Faces 32% Value Slash as Binance Cuts Ties With Privacy Coin
Monero (XMR) will soon vanish from the roster of the globe’s leading cryptocurrency exchange by trade volume, as confirmed by a company announcement on Tuesday. Binance’s list for removal also includes ANT, MULTI, and VAI, all scheduled for delisting on the same date, Feb. 20, 2024. Consequently, Binance will cease trading for pairs including XMR/BNB, XMR/BTC, XMR/ETH, and XMR/USDT.
“At Binance, we periodically review each digital asset we list to ensure that it continues to meet the high level of standard we expect,” the delisting announcement notes. “When a coin or token no longer meets this standard, or the industry changes, we conduct a more in-depth review and potentially delist it. We believe this best protects all our users.”
Binance has decided to remove XMR from its listings following Okx’s lead from December. Binance’s decision caused a significant 32% plunge in XMR’s market value, as noted in the 24-hour statistics after the news went live. On Tuesday, Binance’s trading of XMR with its USDT pair accounted for 29% of the total XMR volume, totaling $64,332,318. The day saw XMR’s price fall sharply from an opening of $166.45 to a low of $108.
Technical indicators paint a picture of caution for XMR investors. Oscillators, including the relative strength index (RSI) and the Stochastic, hover in bearish territories, suggesting a lack of upward momentum by bullish traders. The commodity channel index (CCI) and the momentum indicator signal stronger selling pressures, with the latter explicitly signaling negative action. Such mixed signals from the oscillators necessitate a vigilant approach from XMR traders, as they could precede either a stabilization or further declines.
XMR’s moving averages (MAs) unequivocally advocate for a bearish outlook, with all monitored timeframes—from the 10-day to the 200-day averages—aligning in bearish regions. This consensus among the MAs reinforces the negative market sentiment observed, indicating that the path of least resistance for XMR’s price is downwards. The combination of monero’s high trading volume accompanying the price drop and the lack of visible historical support levels further complicates the potential for a quick recovery, suggesting that investors and traders alike brace for potentially more turbulence ahead.
Source: Bitcoin
