Monero (XMR) Nosedives 7% as Kraken Delists Privacy Coin in the European Economic Area (EEA)

Monero (XMR) experienced a nearly 7% price drop following Kraken's announcement to delist the privacy coin in the European Economic Area (EEA) due to regulatory changes.

Monero (XMR) price dropped by nearly 7% after Kraken announced that it will be delisting the privacy coin in the European Economic Area (EEA) due to regulatory changes.

As the leading privacy coin by market capitalization, XMR is facing increasing challenges, especially with the low valuations and negative returns plaguing the privacy coin sector.

Kraken, one of the oldest crypto exchanges, has informed its EEA clients that it will be ceasing Monero trading and deposits by October 31. Moreover, users will have until December 31 to withdraw their XMR holdings, failing which any remaining balances will be automatically converted to Bitcoin.

As per the updated chart below, Kraken cites regulatory pressures as the reason behind this move, leaving Monero facing significant challenges in an already struggling sector.

Bearish Momentum and Strong Downtrend Indicators

Despite its dominance in the privacy coin market, technical indicators paint a bleak picture for Monero. The Directional Movement Index (DMI) shows that Monero’s Average Directional Index (ADX) has surged to 51.3, indicating a strong downtrend in the market. The ADX measures the strength of a trend, with values above 50 suggesting a well-established trend.

At the moment, Monero’s DI, reflecting buying pressure, is low at 12, while its -DI, representing selling pressure, has climbed to 36.7, suggesting that bearish momentum is strongly at play. This divergence indicates that Monero’s downtrend could continue, potentially deepening the ongoing correction.

XMR’s Death Cross and Price Prediction

On September 24, Monero saw a crucial bearish signal when its Exponential Moving Averages (EMA) formed a death cross—where the short-term EMA crosses below the long-term EMA—triggering a 22% price drop. Currently, according to CoinMarketCap, Monero (XMR) is trading at $138.89, down by 6.51% in the past day and 16.11% over the past week.

Privacy coins, struggling amid regulatory heat, coupled with the high ADX and strong bearish indicators, suggest that the market’s downtrend is likely to continue with little sign of reversal in sight.

The above is the detailed content of Monero (XMR) Nosedives 7% as Kraken Delists Privacy Coin in the European Economic Area (EEA). For more information, please follow other related articles on the PHP Chinese website!