- Bearish sentiment towards XMR surged after Binance delisted the token.
- Most indicators and market indicators were bearish for the token.
Binance (BNB) recently announced that it would delist several cryptocurrencies from its platform, including: Monero (XMR).
Since Binance is the world’s largest exchange, delisting almost always hurts the value of the token, and this is the same for XMR.
#Binance The following tokens will be delisted on February 20, 2024:
More details here ⬇️https://t.co/3YRKqYrb7T
— Binance (@binance) February 6, 2024
Monero is bleeding
Immediately after the announcement, the price of XMR began to fall. In fact, the token price has fallen 27% in the last 24 hours alone.According to CoinMarketCap.
At the time of this writing, XMR was trading at $120.40, with a market capitalization of over $2.2 billion. Trading volume also surged by more than 500%, meaning more investors are selling tokens.
News of the delisting spread like fire, making XMR one of the hot topics of discussion in the cryptocurrency space. This has been evident in the massive surge in social scale.
The price drop created bearish sentiment towards the token, causing its weighting sentiment to plummet on February 6th.
The situation in the derivatives sector also appears to be concerning for XMR. For example, the value of a token has fallen, but open interest has skyrocketed.
A rise in this indicator usually means that the ongoing trend is likely to continue.
The Binance funding rate also turned red, meaning derivatives investors are also selling. XMR. The reason may be that futures investors fear further price declines in the coming days.
What can you expect from Monero?
AMBCrypto also looked at data from Hyblock Capital to find out what XMR’s liquidation levels suggest. Analysis shows that XMR has a strong support area near $98.7.
Plunging below that could be disastrous.
Conversely, the token faces resistance near $122. Things could get better if XMR turns that resistance into new support.
To get a better understanding of which direction the token was headed, AMBCrypto checked its daily charts. According to our analysis token of The Money Flow Index (MFI) recorded a sharp decline at press time.
MACD also shows a huge bearish edge in the market, indicating that the price may fall further.
Nevertheless, the Relative Strength Index (RSI) rebounded from the oversold zone and headed toward neutral territory. This suggested that XMR’s downward price trend may soon come to an end.
Realistic or not, the following is XMR market cap based on BTC
One piece of good news is that Binance’s delisting incident did not affect the blockchain mining sector.
In particular, AMBCrypto’s view on Coinwarz is chart Monero’s hash rate graph has remained fairly stable over the past week, it said. At press time, XMR’s hashrate was 2.29GH/s.