Binance Delists Monero, Triggers 30% Value Drop, Mining Unaffected

Share on Facebook Share on Twitter

Monero (XMR) Loses 30%: Is Binance’s Delisting the Only Reason?

After Binance, the world’s largest cryptocurrency exchange, announced it would be removing Monero (XMR) from its platform, the cryptocurrency’s price has lost nearly 30%.

Binance’s Delisting Hits Monero Hard

Binance [BNB] recently announced it would be removing some cryptocurrencies from its platform, including Monero [XMR]. As Binance is the world’s largest exchange, a delisting almost always leads to a loss in value of the affected token, which was also the case with XMR.

Shortly after the announcement, the price of XMR began to fall. In fact, the token’s price fell by 27% within the last 24 hours, as reported by CoinMarketCap. At the time of writing, XMR was trading at a price of $120.40, with a market capitalization of over $2.2 billion. Its trading volume also increased by over 500%, suggesting that more investors were selling the token.

alert-circle
You can also find us on Telegram: Click here to follow our Telegram channel.

The Market Reacts to the Delisting

The news of the delisting spread quickly, making XMR one of the most discussed topics in the crypto space. This was reflected in a massive increase in its social volume. The price drop triggered a bearish sentiment around the token, which led to a sharp drop in its weighted sentiment indicator on February 6th.

What’s Next for Monero?

Data from Hyblock Capital suggests that XMR has a strong support zone near the $98.7 mark. A drop below this could be catastrophic. Conversely, the token faces resistance near $122. If XMR can turn this resistance into new support, the situation could improve.

To better understand the direction in which the token is moving, its daily chart was reviewed. Our analysis showed that the token’s Money Flow Index (MFI) was recording a strong decline at the time of writing. Its MACD also showed a massive bearish dominance in the market, suggesting that its price could continue to fall. However, the Relative Strength Index (RSI) bounced back from the oversold zone and moved towards the neutral mark. This suggests that XMR’s price downtrend could soon come to an end.

A Silver Lining on the Horizon

One positive aspect is that Binance’s delisting had no impact on the blockchain’s mining sector. Notably, a look at the Coinwarz chart showed that Monero’s hashrate remained quite stable over the past week. At the time of writing, XMR’s hashrate was at 2.29 GH/s.

Sources: CoinMarketCap, Hyblock Capital, Coinwarz.

Share on Facebook Share on Twitter

Latest News

Isabella Brown

Created by

Online Gambling, Greece and my dog Gringo are my three favorite things in my life. Before working for Kryptocasinos.com I was leading the content team of an iGaming Online magazine where I was focused on researching casinos, their licenses and the connection between the members of the industry.
Reviewed by
Nerd of Numbers

Last update: 19. February 2024

🍪
We use cookies. By using this site, you accept them.