Binance has announced its decision to delist three altcoins—BakeryToken (BAKE), Self Chain (SLF), and Hifi Finance (HIFI)—effective September 17. This move follows a review indicating that the coins do not meet the exchange’s stringent standards and industry requirements.
In the aftermath of the announcement, significant price declines were observed across all three assets. BAKE experienced a sharp drop of 25%, while SLF fell by 23%, and HIFI saw a 17% decrease within a 24-hour period. The immediate market reaction underscores the heavy reliance many altcoins have on larger exchanges like Binance for liquidity and visibility.
BakeryToken (BAKE) is the native token associated with a decentralized Automated Market Maker. Since its peak during the 2021 bull market—where it reached an all-time high of $8.48—BAKE’s value has plummeted by 99%, culminating in a position around $0.049. Analysts note a consistent downtrend on the daily chart, characterized by lower highs and lower lows. Although technical indicators like the falling wedge pattern generally suggest a potential bullish reversal, current bearish momentum indicates a higher likelihood of further declines unless market sentiment shifts.
Self Chain (SLF) has also been adversely affected, plummeting by 95% from its previous all-time high of $0.83 just a year ago, now trading at approximately $0.040. The token is currently below a key resistance line, with metrics reflecting substantial capital outflows and weak demand. While the tightening of the Bollinger Bands suggests a potential volatility spike, the oversold condition points to a possible recovery towards $0.19, contingent on an increase in buying pressure.
Hifi Finance (HIFI), having also suffered from the delisting decision, saw its price plummet by 20% post-announcement, despite a substantial rise in trading volume exceeding 330%. This contradiction in price movement suggests a continued strong downtrend, with traders favoring selling over buying. HIFI is currently trapped in a descending triangle formation, and while the convergence of short-term exponential moving averages signals a potential exhaustion of the downward trend, current forecasts suggest a price consolidation between $0.074 and $0.10 in the short term.
Each of these altcoins now faces an uncertain fate in the market without support from Binance. The probability of recovery will largely depend on new buying interest and the overall sentiment within the cryptocurrency market. As it stands, the future for BAKE, SLF, and HIFI looks precarious as they navigate this significant setback.
