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Monero Price Prediction: Binance Delisting Announcement Causes XMR To Plunge 29% As This Green AI Presale Blasts Past $800K

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Monero price
Monero price

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The Monero price dipped 29% on Tuesday and is down 11% in the last 24 hours to trade for $126.40 as of 4:10 a.m. EST time.

Trading volume is up almost 280% amid increased selling activity on the network. It comes following an announcement that Binance exchange will delist XMR token on February 20, citing non-compliance with its listing criteria.

Some traders say this will see the Monero price bottom, similar to what happened when the largest exchange by trading volume delisted Helium (HNT).

XMR powers the Monero ecosystem, a project established to allow transactions to take place privately and with anonymity. The delisting centers around the privacy issue, with Binance citing non-compliance with its listing criteria. Alongside XMR, three other cryptocurrencies will also be taken down by the exchange. These are Aragon (ANT), Multichain (MULTI), and Vai (VAI).

To some, the move is bullish as investors will be drawn to the network’s commitment to privacy.  “A stand like this will cement Monero in a top 5 spot long term,” said one comment on X.

Another account on X, presented as a Decentraland (MANA) ambassador and DAO squad member, says this is bullish for the Monero price as its shakes off speculators who are simply holding the asset rather than using it as a currency. In his opinion, chaffing out speculators will leave the network with true cypherpunks and draw in those looking for privacy.

With this level of confidence, the Monero price is already nurturing a recovery rally after finding inflection around the $100.40 range low.

Monero Price Outlook

The Monero price has taken back some of the ground lost during the Tuesday session. It faces resistance due to the 38.2% Fibonacci level of $131.20 after. Based on the Relative Strength Index (RSI) outlook, XMR is recovering from a state of being oversold as the momentum indicator broke below 30. Its current position below 50 points to a weak price strength, which means the uptrend remains hopium for now.

This bearish outlook is corroborated by the bearish signals on both the Awesome Oscillator (AO) and the Moving Average Convergence Divergence (MACD). Their histogram bars are flashing red, while still in negative territory.

Although the uptick of the RSI points to rising momentum, investors should not hold their breath. This is especially because of the current choppy altcoin market as traders wait for the Bitcoin (BTC) price to display a directional bias.

Monero

TradingView: XMR/USDT 1-day chart

Converse Case

However, if the bulls show resolve, increasing their buying pressure, the Monero price could push north, reclaiming the support offered by the 38.2% Fibonacci level at $131.20. An extended climb could see the XMR price breach the most important Fibonacci level, 61.8% at $150.20.

In a highly bullish case, the gains could see the altcoin breach 70.5% Fibonacci level at $157.20. For the bearish outlook to be invalidated, the altcoins market value must record a higher high above the $180.70 level.

With the Monero price pushing to reclaim the ground lost after the 29% crash, consider the TUK token, which powers the eTukTuk ecosystem. Analysts say the ICO eTukTuk has big potential in 2024.

Promising Alternative To Monero

Standing among experts’ top choices for the best penny cryptos this year, eTukTuk is a groundbreaking cryptocurrency project committed to helping TukTuk drivers use less energy. The initiative focuses on emerging economies in South Asia and Africa, beginning with Sri Lanka.

The project boasts a strong use case, meeting users where blockchain tech and sustainability intersect with a clear vision. The team is committed to creating a carbon-fighting environment and does so by integrating blockchain and AI technologies. Additionally, the project promotes green transportation in a bid to accelerate the global transition to electric car usage.

Take advantage of eTukTuk’s staking mechanism, with the initiative offering stakers 267% annual percentage yields (APY). Users will get 4.75 $TUK for each BSC block in $TUK Token incentives.

eTUKTUK

Your part of the staking pool and yearly returns percentage determine your 3-year rewards. Early stakers have an edge over late bloomers since the APY decreases with time.

Buy TUK tokens on the website for $0.02625, a price that will increase in a little over six days. Join the green $TUK token presale to join the eTukTuk sustainable transportation revolution. So far, upwards of $825k has been raised out of a target objective of $844,058.

Visit and buy eTukTuk here.

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