Coincheck removes Monero, Dash, and ZCash due to privacy and anonymity features.
The crypto could not find support at the immediate support level at $212, and the price broke past amid increasing selling pressure.
Monero is correcting lower on Tuesday after trading in a bullish trend on Monday. The cryptocurrency conquered the selling pressure in the last week and during the weekend trading to record highs of $221. The rumors that MoneroV hard fork being a scam battered the price of XMR/USD. The hark fork, has however been pushed forward to April 31, 2018.
The selling pressure has reappeared and the Monero has begun to trade in the red. Coincheck, one of the major cryptocurrency exchanges, has today removed some cryptocurrencies from its trading platform Monero included. Other digital assets that have been delisted are Dash and ZCash. The platform says that the reason for delisting the cryptocurrency assets is because of their privacy and anonymity features. The company is doing its best to remain secure and free from money laundering activities.
Monero initiated the downside momentum at $216 level. The crypto could not find support at the immediate support level at $212, and the price broke past amid increasing selling pressure. Currently, XMR/USD is flirting with $206 and is below the 100-simple moving average. Besides, the 50-simple moving average is meeting the 100-SMA on the intraday chart framework at $212. This level is the immediate resistance in the path of recovery. The bulls will have to regain control of the price and push it above this level for Monero to realize further gains towards $220.
XMR/USD hourly price chart
-636571364049723839.png)
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Cardano Price Forecast: ADA's recent breakout could trigger 15% rally
Cardano price rally on Monday suggests that a larger bullish move might be in the works. On-chain data shows a comeback in investor interest and entry of institutional investors.
Ondo price poised to break ATH of $1.04
Ondo price is slowly testing its major support level at $0.63-$0.61. Aggressive buyers can consider accumulating around the immediate support zone, which extends from $0.83 to $0.80.
Shiba Inu price flashes buy signal, 25% rally likely Premium
Shiba Inu price has flipped bullish to the tune of the crypto market and breached key hurdles, showing signs of a potential rally. Investors looking to accumulate SHIB have a good opportunity to do so before the meme coin shoots up.
New York Attorney General reaches $2 billion settlement with Genesis after claims of fraud
New York Attorney General Letitia James says her office has secured a $2 billion settlement from Genesis. AG Letitia James sued the crypto company in October on account of lying and defrauding investors of over $1 billion.
Bitcoin: Is BTC out of the woods? Premium
Bitcoin price shows signs of continuing its uptrend, providing a buying opportunity between $64,580 to $63,095. On-chain metrics forecast a bullish outlook for BTC ahead. If BTC clears $70,000, the chances of resuming the uptrend would skyrocket.