Monero drops 6% in 24 hours as OKX axes 20 trading pairs

• XMR has dropped by almost 10% in the last 24 hours.
• The coin’s funding rates have turned negative for the first time in two months. 

Monero [XMR] has dipped by almost 10% in the last 24 hours following OKX’s decision to delist 20 trading pairs, including the prominent privacy coin.

In an announcement on the 29th of December, the leading exchange noted that it had decided to delist the trading pairs because the crypto assets “do not fulfill our listing criteria.”

Other assets impacted by this move include Kusama [KSM], Flow [FLOW], Just [JST], Kyber Network Crystal [KNC], Aragon [ANT], Fusion [FSN], ZKSpace [ZKS], Capo [CAPO], PowerPool [CVP], Dash [DASH], ZCash [ZEC], and Horizen [ZEN].

Demand for XMR falls

At press time, XMR exchanged hands at $165.48. With a 6% price decline recorded in the last 24 hours, the coin ranked as the third asset with the most losses during that period, according to data from CoinMarketCap. 

As observed by its price performance within a 12-hour chart, XMR’s value drop was due to a decline in accumulation among traders. At the time of writing, key momentum indicators were pegged below their respective center lines.

Source: XMR/USD on TradingView

For example, XMR’s Relative Strength Index (RSI) was 36.77. Also, its Money Flow Index (MFI) returned a value of 38.05. 

These indicators showed that coin sell-offs exceeded accumulation as traders let go of their XMR holdings, given OKX’s move. 

Confirming the bearish sentiment, readings from XMR’s Directional Movement Index (DMI) put its negative directional index (red) above the positive directional index (green).

In an uptrend at press time with a value of 23.42, XMR’s negative directional index showed that bears controlled the 12-hour chart.

Further, XMR’s MACD line was spotted under its trend line and below zero at the time of writing. When an asset’s MACD line crosses below the trend line and falls below zero, it’s generally interpreted as a bearish signal.

Many traders consider this crossover below zero to be a sell signal, as it suggests that the downward momentum may continue.

Short-traders take advantage

As the price dip continues, short-traders in the XMR futures market have re-entered the market.

According to data from Coinglass, the coin’s derivatives market has seen a 109% growth in trading volume in the last 24 hours and a 23% uptick in Open Interest.

Read Monero’s [XMR] Price Prediction 2023-24

However, for the first time since the 30th of October, the coin’s Funding Rate across exchanges is negative.

Source: Coinglass

When an asset’s Funding Rate is negative, it means that short position holders are paying a fee to long position holders. This suggests that a larger portion of traders believe the price will decrease in the future.