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

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.

#Binance will delist the following tokens on February 20, 2024.

🔸 $ANT
🔸 $MULTI
🔸 $VAI
🔸 $XMR

Full details here ⬇️https://t.co/3YRKqYrb7T

— Binance (@binance) February 6, 2024

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

Last time Binance delisted $HT , Helium- that was the bottom $XMR likely bottom near

But careful, govt hates it bcoz how good it is as a private crypto

— Cloud9 Markets (@cloud9markets) February 6, 2024

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.

$XMR refused to be cucked to stay on cucked CEXs. XMR is leaving binance because it won't concede on privacy. This is very bullish, a stand like this will cement Monero in a top 5 spot long term, eventually #1.
One of the only coins that is actually used like money. Very active.

— 𝔹asedFrog (@BasedFrogeth) February 7, 2024

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.

$XMR is officially to be delisted by Binance on 20 Feb. The announcement has made people sell off XMR causing a dip to the price.

This is bullish! Why?

Because this is where you get rid of speculators who are simply holding the asset rather than using it as a currency.

True…

— MetaRyuk (@metaryuk) February 6, 2024

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.

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

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— eTukTuk (@eTukTukio) February 6, 2024

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.

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— eTukTuk (@eTukTukio) February 5, 2024

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Also Read:

• Green AI Revolution in Web3 – Here’s How You Can Seize the 100X Opportunity With eTukTuk
• eTukTuk (TUK) Storming Into 2024 With Massive Funding, Learn Why Here
• eTukTuk Strives to Bring Sustainable Transport to Developing Nations With Its Innovative Three-Wheeler EV and Charging Infrastructure