Monero (XMR) Falls 8%, Analysts Warn of Drop Below $350

Monero (XMR) faces significant selling pressure, dropping 8% in the last 24 hours to $375. This marks a continuous four-day decline, erasing previous gains and suggesting a bearish market sentiment.

Monero XMR XMRUSD

Key Market Indicators

Bearish conviction rises with short positions exceeding 55% of all trades.
Open Interest (OI) declines to around $78 million, indicating trader withdrawal.
Technical indicators: RSI below midline and MACD shows a sell signal, pointing to weakening momentum.

Support Levels and Potential Breakdown

XMR tests key support zones, with the 50-day EMA at $348 being critical.
A close below $358 could confirm a bearish breakdown, targeting the low-$300 region.
If XMR holds above $373, a rebound toward $400–$410 is possible, though challenging.

Long-term Outlook

Despite short-term weakness, Monero benefits from interest in privacy-preserving tech.
Recent upgrades enhance network security; long-term growth projections are cautiously optimistic.

Analysts highlight the need for buyer intervention to defend the $350–$360 zone to prevent further corrections.