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- XMR is down nearly 10% in the last 24 hours.
- The coin’s funding rate turned negative for the first time in two months.
Monero (XMR) has fallen nearly 10% in the last 24 hours after OKX decided to delist 20 trading pairs, including the popular privacy coin.
In an announcement on December 29, the major exchange said it had decided to delist the trading pair because the cryptocurrency asset “does not meet our listing criteria.”
Other assets affected by this move include Kusama (KSM), Flow (FLOW), Just (JST), Kyber Network Crystal (KNC), Aragon (ANT), Fusion (FSN), ZKSpace (ZKS), and Capo (CAPO) ), PowerPool. (CVP), Dash (DASH), ZCash (ZEC), and Horizen (ZEN).
XMR demand falls
At press time, XMR was trading at $165.48. With a price drop of 6% over the past 24 hours, the coin ranked as the third asset with the most losses during that period. CoinMarketCap.
As can be seen from the price performance within the 12-hour chart, the decline in the value of XMR is due to reduced accumulation among traders. At the time of writing, the key momentum indicator was stuck below that center line.
Source: XMR/USD on TradingView
For example, XMR’s relative strength index (RSI) was 36.77. Additionally, the Money Flow Index (MFI) returned a value of 38.05.
These indicators showed that coin selling exceeded the accumulation as traders abandoned their XMR holdings, given the movement of OKX.
Confirming the bearish sentiment, XMR’s Directional Movement Index (DMI) reading showed the negative directional index (red) higher than the positive directional index (green).
With an upward trend at 23.42 at press time, XMR’s negative directional index showed that bears were dominating the 12-hour chart.
Additionally, at the time of writing, XMR’s MACD line appears to be below the trendline and below zero. When an asset’s MACD line crosses its downward trend line and falls below zero, it is generally interpreted as a bearish signal.
Many traders consider these below-zero crossovers to be sell signals. Because this means the downward momentum may continue.
Short-term traders benefit.
As prices continued to fall, short-term traders in the XMR futures market re-entered the market.
According to data from Coinglass, the coin’s derivatives market has seen a 109% increase in trading volume and a 23% increase in open interest over the past 24 hours.
Read Monero (XMR) Price Prediction for 2023-24
However, for the first time since October 30, the funding rate for all coins on the exchange recorded negative results.
Source: Coinglass
If the funding ratio of an asset is negative, it means that short position holders are paying fees to long position holders. This means that more traders believe that prices will fall in the future.