coinjournal.net
Key takeaways
- Monero is down 4.5% in the last 24 hours and risks dropping below the January low.
- The coin has lost 42% of its value since hitting an all-time high price of $798 twelve days ago.
$XMR continues to decline as the market remains bearish
$XMR, the native coin of the Monero blockchain, is one of the worst performers among the top 20 cryptocurrencies by market cap in the last 24 hours. It has lost 4.5% since Sunday and now trades below $460.
The bearish performance comes as the broader cryptocurrency market continues to underperform. $XMR defied market conditions in December and early January, rallying to a new all-time high of $798 on January 14.
Its rally was fueled by growing demand for privacy-focused cryptocurrencies, with DASH, ZEC, and ZCash also rallying during that period.
However, the rally has died, and $XMR has lost 42% of its value since then. It is currently trading at $459 and risks dropping below the January low of $413 if the bearish trend continues.
Monero could dip below the 100-day EMA support
The $XMR/USD 4-hour chart is bearish and efficient as it has lost 42% in the last two weeks, suggesting reduced demand for the privacy coin.
Currently, $XMR is hovering above $450, stabilizing above the 100-day EMA at $437, after a 10% drop on Sunday.
If the bearish trend continues, $XMR could drop below the January low of $413, wth the 200-day EMA at $383 still the primary trend floor.
$XMR/USD4H Chart">
The MACD line stays below the signal with both falling toward the zero line, flagging firm bearish momentum. Furthermore, the RSI at 32 indicates a bearish shift as sellers retain the near-term edge without oversold conditions.
On the flip side, if the bulls regain control, $XMR could rally above the 50-day EMA at $485, clearing the path for further pump above $500.