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Monero Price Plummets 40% Post Binance Announcement! Are More Losses Imminent?

The crypto industry continues to display volatile market trends as major cryptocurrencies record significant price fluctuations in their respective portfolios. Further, Monero has displayed a loss of over 25% in valuation within the past 24 hours. The prime reason is assumed to be the delisting of it from the Binance exchange.

The Monero coin price traded in a closed range between $162.5 and $172.5 for a brief period, following which the market lost momentum and the price experienced a breakdown in value. The XMR token recorded a correction over 11% in valuation. After this, the price traded between $144.3 and $153.6 for the next few days.

TradingView: XMR/USDT

As the market volatility grew, the bulls gained just enough momentum to break out of the resistance level, following which the price traded between $153.6 and $162.5 for over a week. The bulls failed multiple attempts to break out of the resistance level, resulting in a price breakdown in the chart.

However, the bulls held the price strong above the support level of $144.3 and the price experienced a pushback within the range. After trading in a consolidated range for over a week, the Cross EMA 50/200- day recorded a Death Cross.

The Monero price lost over 39.5% in valuation within hours, resulting in the price to test its crucial support level of just over $100. The bulls held the price strong above the support level of $101.9 and the price recorded a jump of approximately 25% in value. 

Will XMR Price Rise Back Up?

The technical indicator, MACD, displays a decline in the red histogram, indicating an increase in the buying pressure within the market. Further, the averages show a mixed sentiment, suggesting uncertainty in the future price action for Monero.

If the market holds the price above the support level of $117.3, the XMR bulls will regain momentum and test its resistance level of $132.9 soon. Maintaining the price at that level will set the stage for Monero to attempt to test its upper resistance level of $144.3 within this month.

Conversely, if the Monero token experiences another trend reversal, it will lose momentum and fall to test its support level of $117.3. Moreover, if the bears continue to overpower the bulls, it will further plunge and prepare to test its crucial support level of $101.9 in the coming time.

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