Binance’s ‘Monitoring Tag’ Causes BETA, BOND, WTC, XEM Token Slide

Key Takeaways:

• Binance announced a “monitoring tag” on four assets, which could lead to a delisting.
• Since the announcement, BETA, BOND, and WTC have lost 8% each; XEM slid 5%.
• The coins might still lose double digits in the coming sessions.

YEREVAN (CoinChapter.com) — On Oct. 4, Binance included Beta Finance (BETA), BarnBridge (BOND), Walton (WTC), and Nem (XEM) in the list of tokens tagged for further investigation, with possible delisting.

In detail, Binance will “periodically review” the noted projects and decide if the “Monitoring Tag” should remain. The decision criteria include the level and quality of the development activity, training volume, liquidity, public communication, evidence of unethical/fraudulent conduct or negligence, etc.

Monitoring Tag tokens exhibit notably higher volatility and risks compared to other listed tokens. Keep in mind that tokens with the Monitoring Tag are at risk of no longer meeting our listing criteria and being delisted from the platform.

read the announcement.

BETA Loses 8% After Binance Announcement

As a result, the BETA coin traded just below $0.07 in the European hours after an 8% intraday drop. The slide continued the 20% bearish move since the Sep 20 peak of $0.085. BETA dropped to a crucial support line that prevented sharp declines since Feb 2023.

If Beta breaches the said line, the next target for the coin could stand at the previous support of $0.062, or 10% lower than the current value.

BOND Coin Near Record Lows

BarnBridge token lost 8% on Oct 4 and traded at $2.09, a close shave from the token’s all-time low of $2.03. BOND reached the mark several times, Aug 28 – Sep 12, but managed to close the day above it. The New York session will tell if the coin can escape a new all-time low.

As of the European hours, the BarnBridge coin stayed above the flat support at $2.05. But if BOND breaches the said line, $1.68 is the likely target, a 20% drop to the down-sloping support on the chart above.

Also, the coin hasn’t traded above its 50-day exponential moving average (50-day EMA; orange wave) since May and retested it as resistance several times in the previous week.

WTC Risks 9% Drop in October

Walton (WTC), much like BOND, lost 8% of its valuation after the Binance announcement and dropped to $0.15. The WTC price breached its 50-day EMA (orange wave) and eyed another 9% drop to the crucial support line at $0.14.

The noted line was 20% away from the token’s all-time low of $0.11 in May 2022.

Nem (XEM) lost 97% of its 2021 ATH valuation.

Nem token XEM dropped 5% since Binance’s Monitoring Tag and traded at $0.025 on Oct 4, close to its 2020 lows. As of writing, the coin held above the support at $0.023. Given the bearish announcement, traders could see a likely retest, another 7% slide for XEM.

The coin, much like other entries on the list, traded 97% below its all-time high of $0.81 in 2021.

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