Technical Analysis: Binance Monitoring Coins
Today, several coins under Binance's monitoring tag, including " BETA, FIRO, PROS, HARD, VITE, CREAM, WRX, and JASMY"
have shown significant price movements. This sudden pump could indicate potential changes in their status on the exchange. Here’s a detailed look at what this could mean:
Monitoring Tag and Its Implications :-
Binance assigns a " Monitoring Tag" to certain coins that exhibit higher volatility and risks compared to other listed tokens . This tag serves as a warning to investors about the potential risks associated with these assets. The exchange conducts periodic reviews of these tokens to determine if they meet the required standards for continued listing.
Possible Reasons for the Pump :-
1. "Delisting Concerns" : A sudden price increase might be due to speculation that these coins could be delisted. When a coin is at risk of delisting, traders often react by either selling off their holdings or buying in anticipation of a short-term price surge.
2. " Monitoring Tag Removal" : Conversely, the pump could also be due to speculation that the monitoring tag might be removed. If Binance decides that a coin has met its standards, the removal of the monitoring tag can lead to increased investor confidence and a subsequent price increase.
