Monero Price Forecast: XMR Stuck Below $180 as Exchange Liquidity Declines

This article discusses the current price situation of Monero (XMR), which has encountered significant challenges in breaking past the $380 resistance level. As liquidity on exchanges decreases, the outlook remains bearish for this privacy-focused cryptocurrency.

Key Takeaways

Monero (XMR) struggled to surpass the $380 mark, leading to a decline in momentum.
Currently priced at approximately $355.95, XMR faces key resistance levels.
Support appears to be forming around the $340 area, with potential for further declines if broken.
The $400 level remains crucial for a significant recovery.

Monero (XMR) faced significant resistance at $380 this week, leading to a pessimistic outlook on Monero's price as momentum weakens in the privacy coin market.

Current Market Analysis

Monero (XMR) has recently hit a significant wall at the $380 mark, complicating its price outlook as bearish sentiments emerge within the privacy coin market. The resistance faced was abrupt and decisive, pushing the price action downward, where it now finds itself below the 200-day Exponential Moving Average (EMA) with sellers dominating the market.

Can XMR Maintain $150 or Is a Drop to $135 Imminent?

As of the latest two-hour chart, XMR is trading at $355.95. While the price movements may appear chaotic, there are hints of underlying trends worth noting. In early February, XMR experienced a drastic decline from over $400 to around $287 in a steep drop. Since then, the recovery has been slow and uneven, with the price creating higher lows over the past six weeks without triggering another significant downturn.

Chart displaying recent price movements of Monero (XMR).

The $400 threshold, indicated on the chart with a red dotted line, acts as a key psychological and technical barrier that has not been re-established since February's drop. Every attempt to rally has so far failed to reach this level again, including the latest surge to $383, which retraced back to the $340 area before a slight rebound.

Currently, Monero is showing signs of bouncing off the $340 zone for the second time this week, establishing it as a potential short-term support level. The move back toward $356 indicates that buyers are increasingly active at this level.

Immediate resistance lies between $360 and $370, where trading has been volatile, and above that, the recent high of $383 stands as the final hurdle before approaching the critical $400 level again.

Bearish Perspective

The bearish scenario is clear: since the February peak, lower highs have been formed alongside a disorganized recovery. This pattern suggests that distribution is occurring rather than accumulation. If the price falls below $340, it could potentially lead back toward the lower range of $305 to $310.

The $400 level is a pivotal point; until it is regained, the chart suggests Monero remains in a recovery phase rather than a breakout phase.

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