HomeCryptoThe price trends of the crypto Monero (XRM), Salmon (SLM), and Osmosis...

The price trends of the crypto Monero (XRM), Salmon (SLM), and Osmosis (OSMO)

How are the prices of the crypto Monero (XRM), Salmon (SLM), and Osmosis (OSMO) progressing? Let’s see below all the news that involve them and the future predictions based on market trends. 

Binance removes Monero (XMR): the impact on price

On February 6th, the exchange Binance announced the delisting of Monero (XMR) among the cryptocurrencies available for trading, along with Aragon (ANT), Multichain (MULTI), and Vai (VAI), with effect from February 20th.

In the delisting announcement, Binance explained that the decision is based on several factors, including “evidence of unethical or fraudulent conduct or negligence”, “New regulatory requirements”, and “Network/smart contract stability”.

The exchange has emphasized the need to maintain high standards and has stated that it performs more thorough reviews when cryptocurrencies no longer meet these standards or when the industry landscape changes.

The price of Monero has experienced a sharp decline following the delisting announcement. 

After being traded at around 165.67 dollars before the announcement, the price of XMR quickly dropped to a local minimum of about 102.05 dollars, registering a decrease of 38.4%. 

Since then, the price has stabilized around $121. Starting from February 21st, deposits of these tokens will no longer be credited, and withdrawals will no longer be processed from the previous day. 

Binance has warned that for users who do not withdraw their tokens in time, it may convert their holdings into stablecoins, but without guaranteeing this option.

As we know, the unique nature of private cryptocurrencies like Monero has posed significant challenges for regulators. 

These coins indeed offer citizens the possibility of transactions outside of state control, but they have also been associated with illegal activities such as malware mining, money laundering, and purchases on the dark web.

As a result, regulatory authorities are exploring legislation against Monero and other anonymous cryptocurrencies, such as Zcash and Dash.

Crypto SLM: how does its price compare to XRM and Osmosis?

As we know, SLM tokens are available for trading on centralized cryptocurrency platforms. 

Currently, the most frequent place for purchasing and trading Salmon is Gate.io, where the most active trading pair, SLM/USDT, has recorded a trading volume of $24,243.76 in the last 24 hours.

The trading volume of Salmon (SLM) in the last 24 hours was $24,243.76, showing a significant decrease of -83.10% compared to the previous day and suggesting a recent decrease in market activity.

In addition, we remind you that the highest value ever reached by Salmon was 1,137.18 USD, recorded on September 4, 2020. On the contrary, the current price is lower by 99.87% compared to the all-time high.

In the last seven days, Salmon (SLM) has recorded a price increase of 63.90%, outperforming the overall performance of the global cryptocurrency market which has grown by 11.70%. 

In addition, it has outperformed similar cryptocurrencies in the sector, which have recorded an increase of 11.00%.

Osmosis Analysis: Market Trend and Trading Outlook

CoinMarketCap reports that the maximum supply of Osmosis (OSMO) is 1 billion OSMO, while its current circulating supply is approximately 492,590,761 OSMO.

At the beginning of 2023, there was a brief price increase, followed by a prolonged period of value loss until October 2023. However, starting from November 2023, the token began to show significant growth, going from $0.2225 to $2 in two months.

Observing the upper Bollinger Band, which is increasing, it can be noticed that OSMO has touched this range. The trend indicator of the Bollinger Band has recently been green, indicating a bullish trend. 

However, contact with the upper band suggests the possibility of price corrections and a retracement of the OSMO. On the other hand, the bands are trying to widen, suggesting a potential increase in market volatility.

In addition, many charts show that OSMO has been following a descending wedge since the beginning of 2023, but in November it broke out of this pattern. 

The break of the wedge has predicted an initial peak based on the height of the wedge, and since then OSMO has continued to gain value at a steady pace, going from $0.2235 to $2.1 in a few months.

Alessia Pannone
Alessia Pannone
Graduated in communication sciences, currently student of the master's degree course in publishing and writing. Writer of articles from an SEO perspective, with care for indexing in search engines.