Monero price analysis: XMR/USD testing key support as Coincheck cryptocurrency exchange abolishes XMR and three other coins
|- Monero (XMR), DASH, Zcash (ZEC) and Augur (REP) abolished from Coincheck exchange.
- Monero reacts with downside movements testing key support zone at $198.00.
Monero price is down 2.31% on the day while news in the market today is that Coincheck has removed support for the cryptocurrency. XMR/USD corrected higher during the weekend session but it failed to break past last Friday’s intraday high at $207. At the moment, the price is testing the key support area at $198.
Coincheck cryptocurrency exchange has abolished four cryptocurrencies after carrying out an evaluation of the risks associated with the digital assets. The currencies that will be abolished come June 2018 include Monero, Dash, Zcash and Augur (REP). The company arrived at the decision by following the criteria put in place by the Financial Services Agency (FSA) to comply with the counter-terrorist financing (CFT) as well as anti-money laundering (AML) policies. All the money in the above digital assets will be converted to Japanese yen.
Monero price has begun reacting to the news from Coincheck and broken below $200.00 level. It is trading at $199, besides there is a bearish momentum on the charts which could lead to more downward corrections. The 50 SMA is moving in to cross below the 100 SMA which could signal for more selling entries. The next immediate support for XMR/USD is at $198.00 but further downside movements will be stopped at $190 zone.
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