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Binance adds STMX to the Monitoring Tag, signaling increased volatility risks.
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CVX (SUN) and SUN have improved their stability since they were removed from Binance’s Monitoring Tag List.
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ARKM (Analysis of the Seed Tag), BLUR (Bluru), JTO and TIA (Transition from Seed Tag) are all a reflection of project maturity.
Binance has announced changes to its Monitoring and seed tags, effective January 2, 2020. These updates are designed to maintain a safe and transparent trading environment.
Convex Finance CVX and Sun (SUN), as well as StormX (STMX), will be removed from the list of Monitoring Tags. The Seed Tag will also be removed from Arkham, Blur, Jito and Celestia. These decisions are based upon Binance’s regular project reviews, and aim to align Binance’s listing criteria.
Understanding Binance Tag System
Tokens with the Monitoring Tag are deemed high-risk because of increased volatility and market uncertainty. They are regularly evaluated to ensure that they meet Binance standards. If they fail to meet these standards, they could be delisted.
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The Seed Tag, meanwhile, identifies projects that are in their early stages. To trade these tokens, users must pass a quiz once every 90 days. This quiz helps users understand the risks involved with such projects.
Here’s the updated tag breakdown for the tokens:
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StormX and TROY: Due to increased volatility, these tokens now carry the Monitoring Tag. StormX’s price is currently $0.005566. This reflects a recent 4.56% drop. Support levels of $0.0053 and $0.055 could stabilize further drops, while resistance levels of $0.0063 and $0.066 could determine the upward momentum.
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TROY is currently trading for $0.007962, a 78.17% gain over the last month. Its trajectory may be guided by strong support at $0.0050, and resistance at $0.085
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Convex Financial (CVX) & Sun (SUN). Convex finance’s removal from the monitoring tag list signals improved stability. It is currently trading for $5.40 with key support at $4.80 and resistance at $6.00. Sun (SUN), which is currently trading at $0.02566, has seen a 16.14% increase in the last seven days. The next move of the stock may be influenced by its support levels at $0.02500 or resistance at $0.02700.
- Arkham, Blur, Jito and Celestia: The removal from the Seed Tag indicates that these tokens are no longer early-stage projects. Arkham’s current price is $1.60. This represents a decline of 31.40%, with a critical support level at $1.50. Blur’s price of $0.2583 is under pressure from the bears, but could stabilise near $0.2500. Jito, currently trading at $3.25 needs to hold onto $3.20 in order to avoid further declines. Celestia’s $5.15 price indicates a bullish trend, with $5.50 the next target.
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