India Bans Privacy Coin Trading to Strengthen AML Measures
- Trading Ban Enforced: India's Financial Intelligence Unit (FIU) has immediately banned trading, deposits, and withdrawals of privacy coins like Monero, Zcash, and Dash to prevent money laundering and terrorist financing, indicating a tougher regulatory stance on these assets.
- Market Response Brief: Following the ban, Monero's price rose 3.5% to $524, Dash increased by 11.6%, and Zcash by 2.2% to $372; however, all three coins still face weekly losses of approximately 20%, reflecting diminished market confidence in privacy coins.
- Exchange Adjustment Pressure: Indian exchanges must quickly disable affected trading pairs and manage user balances, compelling traders to potentially transfer privacy coins to other platforms, which adds operational complexity and compliance risks.
- Increased Transparency Requirements: The FIU stresses that the anonymity of privacy coins complicates monitoring of money flows, as India aims to enhance transparency to track financial activities, ensuring compliance and effective regulation in the cryptocurrency market.
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Technical Analysis for XMR
Technical Sentiment Analysis for Monero (XMR) As of , Monero (XMR) is exhibiting a Sell technical sentiment. Our proprietary analysis, which aggregates 6 technical signals, shows that 2 indicators are flashing buy, while 4 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status Currently, the Relative Strength Index (RSI) for XMR stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the stock.
Support, Resistance & Moving Averages From a structural perspective, XMR is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
Monero (XMR) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 33.665 | 154.972 | 257.985 | 379.292 | 482.305 | 603.612 | 706.625 |
| Fibonacci | 154.972 | 240.663 | 293.602 | 379.292 | 464.983 | 517.922 | 603.612 |
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