Market
Monero (XRM) Price Faces 7% Drop After Kraken’s Delisting in Europe: What’s Next
Monero (XMR) price has dropped nearly 7% following Kraken’s announcement to delist the coin in the European Economic Area due to regulatory changes. As the largest privacy coin by market cap, XMR faces increased challenges in a sector already struggling with low valuations and negative returns for most of its competitors.
Despite its dominance in market capitalization, technical indicators like the Directional Movement Index (DMI) and Exponential Moving Averages (EMA) suggest a strong downtrend. If the current bearish momentum persists, Monero may soon test critical support levels, deepening the ongoing correction.
XRM Is By Far The Biggest Player In The Privacy Coins Market
Monero (XMR) has experienced a nearly 7% price drop after Kraken announced it will delist the coin for users in the European Economic Area (EEA) due to regulatory changes. Kraken, one of the world’s oldest crypto exchanges, informed its EEA clients that trading and deposits for all Monero markets will cease on October 31, with any open orders automatically closed.
Users have until December 31 to withdraw their Monero holdings, after which any remaining balances will be converted to Bitcoin. The exchange stated it had no choice but to delist Monero from the EEA due to regulatory pressures.
Read more: Monero: A Comprehensive Guide to What It Is and How It Works
2024 appears to be a challenging year for privacy coins, with only three out of the top ten showing positive returns. Privacy coins continue to be a more complicated area within the crypto space and often have lower valuations than other sectors. Among the top ten privacy coins, only Monero (XMR) boasts a market capitalization of over $1 billion, specifically $2.6 billion.
The combined market cap of the other nine leading privacy coins is $3.1 billion, which is less than that of PEPE at $4.1 billion, clearly highlighting the sector’s difficulties.
Monero DMI Shows The Current Trend Is Strong
According to its Directional Movement Index (DMI), Monero has seen its ADX climb to 51.3, signaling a strong and well-established trend in the market.
The ADX is a key metric used to gauge the strength of a trend — whether upward or downward — and tells if it’s strong or not. The DMI itself is composed of three lines: the ADX, the +DI, which reflects buying or upward pressure, and the -DI, which measures selling or downward pressure.
Currently, Monero’s +DI sits at a relatively low 12, while the -DI has surged to 36.7, indicating that sellers are firmly in control and that bearish momentum is dominating the market. This significant disparity between the two suggests that the current correction could still be in its early stages, as the downtrend appears to be gaining strength.
With such a high ADX, this bearish movement seems to have solid momentum behind it, implying that further downside could be likely as the selling pressure remains strong and could continue to drive prices lower. This combination of a high ADX and dominant -DI shows that the market is in a powerful downtrend, and a reversal does not seem imminent at this point.
XRM Price Prediction: Is The Correction Over?
On September 24, Monero (XMR) experienced a bearish signal when its EMA lines formed a death cross, after which its price dropped by 22%.
EMA lines, or Exponential Moving Averages, are used to track price trends by giving more weight to recent data. A death cross occurs when the short-term EMA crosses below the long-term EMA, often signaling the start of a downtrend.
This bearish indicator, combined with the current strong ADX reading, suggests that the market is experiencing a strong downtrend that may continue.
Read more: Monero (XMR) Price Prediction 2023/2025/2030
The gap between the EMA lines isn’t significantly wide yet. That indicates that the correction could still be in its early stages. If the downtrend persists, XMR could soon test key support levels at $133 or even as low as $116. This would mark a further potential drop of 16.5%.
However, if the trend somehow reverses, Monero would need to break through resistance at $143. Should it succeed, the next targets would be $165 and $178, signaling potential recovery.
The post Monero (XRM) Price Faces 7% Drop After Kraken’s Delisting in Europe: What’s Next appeared first on BeInCrypto.
Bitcoin price started a fresh increase above the $104,000 zone. BTC is consolidating above $105,000 and might aim for a new all-time high.
- Bitcoin started a decent increase above the $102,500 resistance zone.
- The price is trading above $104,500 and the 100 hourly Simple moving average.
- There was a break above a connecting bearish trend line with resistance at $104,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start another increase if it stays above the $103,500 support zone.
Bitcoin Price Regains Traction
Bitcoin price started a decent upward move above the $102,500 zone. BTC was able to climb above the $103,500 and $104,000 levels.
The bulls even pushed the price above the $105,000 level. Besides, there was a break above a connecting bearish trend line with resistance at $104,000 on the hourly chart of the BTC/USD pair. The pair surpassed the 50% Fib retracement level of the downward move from the $109,112 swing high to the $100,114 low.
Bitcoin price is now trading above $104,500 and the 100 hourly Simple moving average. On the upside, immediate resistance is near the $107,000 level. It is close to the 76.4% Fib retracement level of the downward move from the $109,112 swing high to the $100,114 low.
The first key resistance is near the $107,500 level. A clear move above the $107,500 resistance might send the price higher. The next key resistance could be $109,000.
A close above the $109,000 resistance might send the price further higher. In the stated case, the price could rise and test the $110,000 resistance level and a new all-time high. Any more gains might send the price toward the $112,500 level.
Downside Correction In BTC?
If Bitcoin fails to rise above the $107,000 resistance zone, it could start a downside correction. Immediate support on the downside is near the $104,500 level. The first major support is near the $103,500 level.
The next support is now near the $102,800 zone. Any more losses might send the price toward the $100,500 support in the near term.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $104,500, followed by $103,500.
Major Resistance Levels – $107,000 and $108,500.
AI tokens surged on Wednesday after President Donald Trump unveiled a new joint venture to invest up to $500 billion in artificial intelligence infrastructure.
The partnership involves major players such as OpenAI, Oracle, and SoftBank and will form a new entity called Stargate.
Market Focuses on AI Coins as Trump’s Stargate Initiative Gains Traction
The Stargate Project will invest $500 billion over the next four years, building new AI infrastructure in the US. The venture will focus on developing crucial data centers and the electricity generation required to power the AI sector.
The announcement has already had a noticeable impact on the broader market, particularly in AI-related cryptocurrencies. Following the news, the market capitalization of AI tokens surged by 9%, reaching $45.83 billion at press time, according to CoinGecko.
In fact, the market cap of AI agent tokens alone rose by 13% to hit $14.9 billion.
AI agent tokens, such as Virtuals Protocol, AIXBT, and AI16Z, saw impressive gains. Virtuals Protocol rose by over 13% in the past 24 hours, while AI16Z experienced a remarkable 36% increase. AIXBT token rose by 27% over the same period.
The surge in AI tokens reflects a broader shift in market interest as investors move capital towards more “sentient” tokens.
“Capital is rotating back from static memes to sentient coins,” AI researcher S4mmy commented on Twitter.
The analyst added that Fartcoin and AIXBT are sustaining their “mindshare dominance,” but face declining market caps after a heated run. Commenting on Virtuals Protocol, he said it continues to solidify its position as a backbone of the Agentic infrastructure.
Moreover, analyst CyrilXBT said he believes “AI will create generational wealth in 2025.”
“People said Bitcoin was a joke. People said AI agents are a gimmick. Guess what else they’ll say? ‘Why didn’t I listen when generational wealth was staring me in the face?,” CyrilXBT commented.
The shift towards AI is particularly interesting, given the trend of investments a few days back. Capital was flowing into Donald Trump-related tokens, such as TRUMP and MELANIA, which have seen significant volatility.
However, BeInCrypto reported that smart money traders are now focusing on AI tokens after the hype around TRUMP faded. According to data from Nansen, a substantial amount of VIRTUAL, FARTCOIN, and AIXBT tokens are held by smart money.
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Ethereum price is struggling below the $3,500 resistance while Bitcoin gains. ETH is consolidating above $3,150 and might aim for an upside break.
- Ethereum failed to gain pace for a close above $3,400 and $3,450.
- The price is trading above $3,300 and the 100-hourly Simple Moving Average.
- There is a key contracting triangle forming with resistance at $3,355 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start another increase if it clears the $3,400 resistance level.
Ethereum Price Aims Key Upside Break
Ethereum price started a decent upward move from the $3,200 level but upsides were limited compared to Bitcoin. ETH cleared the $3,250 resistance to move into a short-term bullish zone.
The bulls were able to push the price above the $3,300 resistance zone. Besides, there was a clear move above the 50% Fib retracement level of the downward move from the $3,445 swing high to the $3,203 low. However, the bears are still active below $3,400.
Ethereum price is now trading above $3,300 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $3,350 level or the 61.8% Fib retracement level of the downward move from the $3,445 swing high to the $3,203 low.
There is also a key contracting triangle forming with resistance at $3,355 on the hourly chart of ETH/USD. The first major resistance is near the $3,400 level. The main resistance is now forming near $3,445.
A clear move above the $3,445 resistance might send the price toward the $3,550 resistance. An upside break above the $3,550 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $3,650 resistance zone or even $3,720 in the near term.
Another Decline In ETH?
If Ethereum fails to clear the $3,400 resistance, it could start another decline. Initial support on the downside is near the $3,300 level. The first major support sits near the $3,250.
A clear move below the $3,250 support might push the price toward the $3,200 support. Any more losses might send the price toward the $3,120 support level in the near term. The next key support sits at $3,050.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 zone.
Major Support Level – $3,200
Major Resistance Level – $3,400
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