Monero price slumps as social media platform Snapchat implements cryptocurrency ads ban
|Snapchat bans ICO related ads; joins Facebook, Twitter, and Google.
Monero price to consolidate towards the $200 level after selling pressure is subdued.
Monero price is bleeding red on Thursday as the market plays catchup to the news that another social media platform is banning cryptocurrencies. Monero is down by 8% in the last 24 hours from trading highs of $235. The crypto declined sharply during trading on Wednesday but found support at $212.
The market seemed to react to the Snapchat decision considering the fact most of the tokens and altcoins run social media campaigns on these platforms. The San Francisco-based Snap Inc., has surpassed other social media platforms in effecting the ban. Facebook was the first company to announce that it will be banning the ads related to the digital assets. Google also made a similar announcement, and recently, Twitter decided to join the wagon.
At the moment, Monero price is trading below both the 50 and the 100 moving average trend lines which crisscross at $219 to show that after the selling pressure is subdued the price will retrace higher towards $220. The trend lines have a widening gap between them indicating that the bears will continue to have a field day in the market for some time. During today's declines, Monero price broke below the 61.8% Fib retracement level with the last swing high of $235 and $206 low. The price found support at $210 level which is currently still being tested. If this level does not hold, further declines will take the price closer to the $200 level.
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