Monero (XMR) faces renewed bearish pressure after breaking a rising channel, with analysts warning that failure to hold the $380–$400 resistance zone could trigger a drop toward $300. Despite a weekly gain of 8.34%, the privacy-focused cryptocurrency declined over 2% in the last 24 hours to $353.85, with market data showing increased liquidations and cautious momentum.
Monero is trading at $353.85 after a 2.23% decline in the last 24 hours, according to CoinMarketCap. Its market capitalization has declined by 2.39% to $6.53 billion.
Analyst Crypto Woodyz highlighted that Monero has moved into a bearish trend after shifting from a rising channel. The inability to sustain recent highs around $700 has signaled a clear shift in momentum.
A failure to move above the $380-$400 resistance zone could set the stage for a move to $300. Only a daily close above $420 would invalidate the short-term bearish bias, according to the analyst.
Another analyst, Token Talk, mentioned that XMR is approaching the upper limit of its channel. A breakout would confirm trend continuation, while a rejection would indicate a reversal toward the lower channel region.
According to CoinGlass data, open interest has increased by 2.66% to $115.30 million. Trading volumes for futures, however, are down by 9.54% to $115.83 million.
Total liquidations stand at $43.44K over the last 24 hours. Short position liquidations totaled $25.67K, exceeding long liquidations of $17.78K.
The Relative Strength Index stands at 40.59, indicating low momentum and selling pressure. These values confirm XMR has not entered the oversold zone.
The Moving Average Convergence Divergence readings point to ongoing bearish momentum. Early signs of stabilization are emerging, however, according to the technical data.
