Monero (XMR) Analysis: Understanding the Recent Price Drop and Future Outlook
Monero (XMR) Faces Price Drop After Kraken's Delisting
Monero (XMR) price has dropped nearly 7% following Kraken's announcement to delist the coin in the European Economic Area due to regulatory changes. As the largest privacy coin by market cap, XMR faces increased challenges in a sector already struggling with low valuations and negative returns for most of its competitors.
Market Trends Indicate Strong Bearish Momentum
- Despite its dominance in market capitalization, technical indicators like the Directional Movement Index (DMI) and Exponential Moving Averages (EMA) suggest a strong downtrend.
- If the current bearish momentum persists, Monero may soon test critical support levels, deepening the ongoing correction.
Monero (XMR) has experienced a nearly 7% price drop after Kraken announced it will delist the coin for users in the European Economic Area (EEA) due to regulatory changes. Kraken, one of the world's oldest crypto exchanges, informed its EEA clients that trading and deposits for all Monero markets will cease on October 31, with any open orders automatically closed. Users have until December 31 to withdraw their Monero holdings, after which any remaining balances will be converted to Bitcoin.
XMR Technical Indicators and Price Predictions
According to its Directional Movement Index (DMI), Monero has seen its ADX climb to 51.3, signaling a strong and well-established trend in the market. Monero's +DI sits at a relatively low 12, while the -DI has surged to 36.7, indicating that sellers are firmly in control and that bearish momentum is dominating the market.
Price Prediction: Is the Correction Over?
With the EMA lines having formed a death cross, Monero’s price has dropped significantly. This indicator, combined with the current strong ADX reading, suggests that the market is experiencing a strong downtrend that may continue. If the downtrend persists, XMR could soon test key support levels at $133 or even as low as $116.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.