Monero (XMR) is back under heavy pressure as the market-wide correction deepens, with the privacy-focused cryptocurrency dropping 8% in the past 24 hours to trade at $375.
This decline marks the fourth consecutive day of losses, erasing last week’s recovery and signaling a shift in sentiment as traders increasingly position for a deeper pullback.
The drop in OI, now hovering around $78 million, suggests traders are withdrawing capital as fear of further downside builds.
Technical indicators support this shift. The RSI has slipped below the midline, showing weakening momentum, while the MACD indicator has flashed a fresh sell signal. Together, these point toward deteriorating buying interest and a growing risk that XMR may not hold its current support levels.
A close below $358, which aligns with the neckline of a double-top pattern, would confirm a bearish breakdown, potentially accelerating losses toward the low-$300 region.
Analysts warn that this scenario becomes more likely if market demand continues to weaken, particularly as retail traders rotate into alternative opportunities and risk sentiment remains fragile.
Still, not all indicators point south. Analysts note that as long as XMR holds above $373, there remains potential for an intraday rebound toward the $400–$410 resistance range. But with the price already slipping below that threshold, bulls may face an uphill battle to reassert control.
Despite the near-term weakness, Monero continues to benefit from growing interest in privacy-preserving technologies.
For now, however, XMR remains vulnerable. Unless buyers step in to defend the $350–$360 support zone, analysts warn that the correction could deepen further before any meaningful recovery takes shape.
Cover image from ChatGPT, XMRUSD chart from Tradingview
