Monero (XMR) Struggles to Reclaim $400 as Downtrend Strengthens
Monero (XMR) is trading at $353.85 after a 2.23% decline in the last 24 hours, according to CoinMarketCap. The trading volume also saw a 2.36% increase to $79.37 million. The market capitalization declined by 2.39% to $6.53 billion.
Despite the current decline, Monero has risen by 8.34% over the past seven days. The current decline in the price of Monero is a sign that the market is shifting back to caution.
Source: CoinMarketCap
XMR Faces Downside Risk After Channel Break
Analyst Crypto Woodyz highlighted that Monero has moved into a bearish trend after shifting from a rising channel. The inability to sustain the recent price highs around $700 has clearly signaled a shift in trend.
A failure to move above the $380-$400 resistance zone could set the stage for a move to $300. A further move to $270 support could also be possible if the price continues to decline in the near term.
Source: X
He added that only a daily close above $420 would invalidate the short-term bearish bias. According to the analyst, the current move above $380 could be a sign of a correction rather than a reversal in the trend.
Additionally, another analyst, Token Talk, mentioned that XMR is currently approaching the upper limit of its channel. If it breaks out, it would be a confirmation of the trend’s continuation. Rejecting would indicate a reversal of the trend toward the lower channel region.
Source: X
Also Read: Monero (XMR) Hovers Near $330 as Bearish Signals Raise Risk of Drop Toward $280
Open Interest Climbs While Trading Volume Declines
According to CoinGlass data, open interest has increased by 2.66% to $115.30 million. The trading volumes are down by 9.54% and currently stand at $115.83 million. The OI-weighted funding rate currently stands at 0.0098%, indicating a slight positive leverage trend.
Source: CoinGlass
Total liquidations stand at $43.44K, with the long positions totaling $17.78K and the short positions totaling $25.67K in the last 24 hours.
Source: CoinGlass
Technical Indicators Highlight Ongoing Downside Risk
The Relative Strength Index (RSI) currently stands at 40.59, indicating low momentum. The RSI signal line currently stands at 34.76, indicating selling pressure. These values confirm that XMR has not gone into the oversold zone.
Source: TradingView
The Moving Average Convergence Divergence (MACD) stands at 1.54, and the signal line is at -39.46. The histogram sits at -41.00. These readings point to ongoing bearish momentum, although early stabilization signs are emerging.
Also Read: Arbitrum (ARB) Gains 5.85% as Traders Eye $0.12 Resistance Break
Ayrıca Şunları da Beğenebilirsiniz
Strive and Semler Scientific to Merge in All-Stock Deal, Creating Bitcoin Treasury Powerhouse
Milyar Dolarları Yöneten Şirket, Onchain Verilerine Göre Bu Altcoini Topluyor Olabilir!
