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The Monero price dipped 6% in the last 24 hours to trade for $123.00 as of 5:30 a.m. EST time on trading volume that plunged nearly 60%.
It comes after Binance announced plans to delist the XMR token on February 20, citing non-compliance with its listing criteria.
#Binance will delist the following tokens on February 20, 2024.
Full details here ⬇️https://t.co/3YRKqYrb7T
— Binance (@binance) February 6, 2024
The delisting does not come as a surprise after Binance said it in January it had established “monitoring tags” on Monero, among other tokens. Besides Binance, OKX exchange also delisted Monero in January, alongside privacy-focused coins like Zcash and Dash.
It comes as exchanges come under increased regulatory pressure to delist privacy coins. In efforts to survive the clampdown, some coins removed their privacy features, but the Monero ecosystem refused.
$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
Monero Price Prognosis
The Monero price has lost some of the ground covered on Wednesday amid early profit booking. It faces overhead pressure due to the 50% Fibonacci level of $140.90 after. Based on the Relative Strength Index (RSI) outlook, momentum is falling as the RSI is dropping. The price strength is also weak considering the RSI is below 50.
Also, both the Awesome Oscillator (AO) and the Moving Average Convergence Divergence (MACD) are in negative territory. Their histogram bars are flashing red, suggesting the strong bearish grip the bears have on XMR.
Increased selling pressure could see the Monero price extend the fall to lose the support offered by the 23.6% Fibonacci level of $119.70. In a dire case, the slump could send the XMR price to the bottom of the market range at $100.70. Such a move would denote a nearly 20% dip below current levels.
TradingView: XMR/USDT 1-day chart
On the flipside, if the bulls increase their buying pressure, the Monero price could push north. Enhanced buyer momentum could see the Monero price push north to reclaim the support offered by the 50% Fibonacci level at $140.90. An extended climb could see the XMR price breach the most important Fibonacci level, 61.8% at $150.40.
In a highly bullish case, the gains could see the altcoin breach the 78.6% Fibonacci level at $163.90. For the bearish outlook to be invalidated, the altcoins market value must record a higher high above the $181.00 level.
Promising Alternative To Monero
Even as the Monero price works out its next move, attention is shifting towards the TUK token, the native crypto to the eTukTuk ecosystem. According to analysts, TUK is among the best crypto ICOs of 2024.
eTuktuk is the AI-integrated, eco-friendly future of transportation, which allows you to invest and earn right away.
"eTukTuk is one of the most creatively revolutionary projects to enter the EV sector in a long while. Although there are many EV projects, few align with the reality of people living in developing economies." – @CoinGapeMedia
Read more here:https://t.co/ZfqdSLkbG7
— eTukTuk (@eTukTukio) February 6, 2024
The project provides entry into a sustainable transportation revolution with its green $TUK token presale. It stands among the most recommended choices for the best penny cryptos in 2024, boasting an innovative cryptocurrency project committed to helping Tuk Tuk drivers in less developed countries in South Asia and Africa use less energy.
1/ Witness the groundbreaking transformation of Jammu's public transport!@TataMotors, India's vehicle giant, has just rolled out a fleet of Ultra EV air-conditioned electric buses for Jammu Smart City 🧵⚡ pic.twitter.com/TUAwJHlMaz
— eTukTuk (@eTukTukio) February 1, 2024
As governments in Asia and Africa embark on ambitious electric vehicle adoption goals over the next two decades, eTukTuk could be well-positioned to play a crucial role in driving this transition.
Do you have eco-friendly transport options in your city?#greenmobility #SustainableFuture
— eTukTuk (@eTukTukio) February 6, 2024
Capitalize on eTukTuk’s staking mechanism, with the initiative offering stakers 257% annual percentage yields (APY). Users will get 4.75 $TUK for each BSC block in $TUK Token incentives.
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
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