Monero (XMR) Faces Bearish Trend Amid Regulatory Challenges

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Monero (XMR) faces a bearish trend amid regulatory challenges. It is experiencing a bearish outlook, mainly due to increasing regulatory pressures. Kraken’s decision to delist the privacy coin for European customers triggered a sharp price drop of about 7%. The cryptocurrency faces significant resistance around $180, with its support level at $100.

Monero is currently facing a bearish trend, regulatory challenges, and mixed market sentiment, particularly due to Kraken’s upcoming delisting and concerns over its privacy features.!!
— It’z Suresh (@vjsuresh_) October 3, 2024

The delisting highlights ongoing regulatory scrutiny surrounding privacy-focused coins like Monero, which poses challenges for its adoption and trading. Analysts predict that scrutiny could limit its market exposure and investor confidence, further weighing down its price in the short term. Monero’s struggles reflect a broader trend of privacy coins being targeted by regulatory bodies, which raises concerns about their future accessibility on major exchanges. Without a shift in regulatory stance or new developments to boost demand, Monero is likely to remain under pressure.

Key Monero Levels To Watch – October 2

The XMRUSD pair is consolidating below the $147.70 level after breaking key support. The MACD (Moving Average Convergence Divergence) shows bearish momentum, suggesting further downside.

A potential rally toward the $175.00 level might occur, but the price is expected to drop toward $135.20 afterward. Continued selling pressure could push below $130.00.