Monero's (XMR) price dropped by almost 7% after the announcement that Kraken, a leading cryptocurrency exchange, will delist the coin in the European Economic Area due to regulatory changes. Monero, the largest privacy coin by market capitalization, is already facing difficulties in a market struggling with low valuations and negative returns. Technical indicators suggest a strong downtrend, and if the bearish momentum persists, Monero may test critical support levels, deepening the ongoing correction. The delisting by Kraken comes as privacy coins face challenges, with only three out of the top ten showing positive returns. Monero remains the dominant privacy coin with a market capitalization over $1 billion, while the combined market cap of the other nine leading privacy coins is less than that of another cryptocurrency, PEPE. The Directional Movement Index (DMI) indicates a strong and well-established downward trend for Monero, with sellers firmly in control. The recent death cross of the Exponential Moving Averages (EMA) further suggests a strong downtrend. If the trend continues, Monero's price could test key support levels at $133 or even $116, while a reversal would require breaking through resistance at $143.



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