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Cryptocurrency News Articles
Monero (XMR) Price Prediction: Coin Drops 7% after Kraken Delisting Announcement
Oct 03, 2024 at 04:00 am
Monero (XMR) price has dropped nearly 7% following Kraken's announcement to delist the coin in the European Economic Area due to regulatory changes.
Privacy coin Monero (XMR) has seen a price drop of nearly 7% following Kraken's announcement to delist the coin for users in the European Economic Area (EEA) due to regulatory changes.
Kraken, one of the world's oldest crypto exchanges, is set to delist Monero (XMR) from its platform for users in the European Economic Area (EEA) on October 31. This move comes as a response to the increasing regulatory pressure in the region.
With a market capitalization of $2.6 billion, Monero is the largest privacy coin by a significant margin. In comparison, the combined market cap of the other nine leading privacy coins in the top ten stands at $3.1 billion, which is also lower than the market cap of PEPE ($4.1 billion).
Among the top ten privacy coins, only three have managed to secure positive returns in 2024. This highlights the challenges faced by privacy coins in the broader crypto market, which has seen negative returns for most competitors throughout the year.
According to Monero's Directional Movement Index (DMI), the ADX has climbed to 51.3, indicating a strong and well-established trend in the market. The ADX is used to gauge the strength of a trend, whether upward or downward.
The DMI is composed of three lines: the ADX, the +DI (buying or upward pressure), and the -DI (selling or downward pressure). Currently, Monero's +DI is at 12, while the -DI has risen to 36.7.
This disparity between the +DI and -DI suggests that sellers are dominating the market, creating bearish momentum. The high ADX also indicates a strong downtrend.
A bearish signal emerged on September 24 when Monero's EMA lines formed a death cross, leading to a 22% price drop. EMA lines, specifically the short-term (13) and long-term (55), are used to track price trends with a greater emphasis on recent data.
When the short-term EMA crosses below the long-term EMA, it's known as a death cross and is often interpreted as the start of a downtrend. In this case, the bearish indicator is supported by the strong ADX reading.
If the downtrend continues, XMR could soon test critical support levels at $133 or even lower at $116, marking a further potential drop of 16.5%. However, if the trend reverses, Monero would need to break through resistance at $143, followed by $165 and $178, signaling a potential recovery.
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The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
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