On October 4, Binance announced the addition of four tokens to its “Monitoring Tags” list. The tokens are Beta Finance (BETA), Barnbridge (BOND), Waltonchain (WTC) and NEM (XEM).
These tokens will be closely monitored and may be delisted if they do not pass periodic testing,
Why is the token placed in the monitoring tag list?
The token is primarily placed on the Binance monitoring tag list due to its higher volatility and risk compared to other listed tokens. These tokens are monitored periodically, and if they fail to meet the listing criteria, they are removed from the Binance platform.
Some of the criteria considered during the review are:
- Team commitment to the project
- Trading volume and liquidity
- level of public communication
- Network protection from attacks
- Do they contribute to a healthy crypto ecosystem
Beta has reached an annual low
Beta price broke above the ascending support trendline on June 10. Subsequently, it bounced off resistance twice on June 23 and July 11 (red icons) and validated the line. Such actions are common after a breakdown.
The altcoin has fallen since then. On October 4, it reached a low of $0.067, validating a descending support trendline since June. This is the last support level before the yearly low.
If it breaks the Beta line, it will probably drop by 15% and reach the $0.058 horizontal support zone.
This would be a new yearly low. On the other hand, a bounce could lead to a 28% rise to the next nearest resistance at $0.089.
Bonds could fall to all-time lows
The bond price has fallen below a descending resistance trend line since January 22. This line has caused several rejections so far, the most recent on October 1 (red icon). The cryptocurrency has declined since the rejection.
The daily RSI supports continued downside. Market traders use the RSI as a momentum indicator to identify overbought or oversold conditions and decide whether to accumulate or sell an asset.
A reading above 50 and an upward trend indicates that bulls still have the advantage, while a reading below 50 indicates the opposite.
The RSI was rejected by 50 (red circle), while the descending resistance trendline rejected the price. This supports the validity of the downward movement.
If the price continues to decline, the next support will be at $1.78, found by the 1.61 external Fibonacci retracement of the most recent bounce. This would be the lowest price ever and would represent a decline of 17%.
Despite this bearish bond price forecast, a breakout from the descending resistance trendline would mean that a significant reversal has begun. In that case BOND could rise by 40% to the next resistance at $3.
WTC faces another rejection
WTC price has fallen below a descending resistance trend line from February 2023. This line has caused several rejections, most recently on September 23 and October 3 (red icons). Both formed long upper bars, indicating that sellers have taken over.
If the rejection continues, WTC price will fall to the nearest support at $0.140. This is a 12% reduction based on current prices.
On the other hand, a sudden breakout from the resistance trendline could cause a 25% surge, taking the price to the $0.200 resistance zone.
XEM price trades in a bearish pattern
The last token at risk of being removed from the Binance platform is NEM (XEM). XEM price has fallen below the falling resistance trend line since the beginning of June.
Recently, the line caused rejection on October 2 (red icon) and initiated the current decline.
XEM is trading above the horizontal support zone at $0.022, which has held since June. The trendline and support zone form a descending triangle, which is considered a bearish pattern.
Since the triangle is a bearish pattern, its breakdown is most likely a future price outlook.
A breakdown that reaches the highs of the entire triangle could cause a 42% decline and take XEM to $0.014.
On the other hand, a sudden reversal and breakout from the resistance trendline could lead to a 33% rise to $0.033.
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In line with Trust Project guidelines, this value analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always do your research and consult a professional before making any financial decisions.