Monero price analysis: bottom fell out of XMR/USD as Korbit announces delisting
- Monero is delisted from cryptocurrency exchanges due to anonymity feature.
- Focus shifts onto $160 as long as XMR stays below $200.
Monero price is falling rapidly. The coin has lost nearly 5% on the day to trade at $188.50. Monero is currently the 13th largest coin with a total market value of $3B.
Technically, a sustainable move below $200.00 was an ominous sigh, which triggered more sell-off and pushed the price towards $185.50 on May 18 before buyers appeared and pushed the price higher.
Fundamentally, Monero is plagued by its privacy feature. Cryptocurrency exchanges have started delisting anonymous coins under regulatory pressure. Earlier this week we learned that Japanese Coincheck will stop trading Monero, ZCash and some other coins from June 16. Now Korbit, the first and largest cryptocurrency exchange platform in South Korea, announced that users can no longer buy and sell of Dash, Monero, Zcash, Augur, and Steem.
Monero technical picture
XMR/USD peaked at $298 on April 24. A movement below $216 support created by 50-DMA dashed Monero bulls' hope. Now the sell-off may be extended towards $160 and $147 (February 6 low) On the upside the resistance is created by above-said 50-DMA and followed by $236 and $250 (100 and 200-DMA).
XMR/USD, the daily chart
Author
Tanya Abrosimova
Independent Analyst
