Monero price analysis: XMR/USD is correcting lower in reaction to Coincheck ditching

John Isige FXStreet

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

Author

John Isige

FXStreet

John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren

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