- On Saturday, the price of Monero (XMR) fell by almost 3% after seeing a correction in the price of Bitcoin (BTC), forcing its price below $ 345 with a market cap of $ 6.33 billion.
- The cryptocurrency is struggling to break the major consolidation path around $355 and is repeatedly facing rejection at this level.
- The decline comes after the correction of Bitcoin (BTC) and the volatility of the groups that went to Bitcoin during the rally where the opinion of all altcoins is neutral.
On the day of the 12th birthday, one of the private currencies, Monero, fell slightly by 3% following the integration and maintenance of the entire crypto market.
According to CoinMarketCap priceThe cryptocurrency fell around 2.95%, forcing its price to slip below $343.35. Despite the fall, the cryptocurrency still has an impressive market capitalization of about $6.33 billion. However, the daily trading volume reported a decrease of about 1.5% and currently hovers around $110.23 million.
The decline of Monero is mainly due to the ongoing volatility of the group, in which money flows Bitcoin within the conference, where all opinions on altcoins are neutral. This is confirmed by The value of altcoinswhich is slightly leaning towards Bitcoin right now. This kind of volatility in Bitcoin is reducing the importance of cryptocurrencies like Monero.
Monero Faces Rejection at $355 Amid Correction in Bitcoin
Monero is creating a reversal pattern on the daily chart, a setup that usually creates pressure and often creates a familiar buzz when the price breaks out of the range. Some researchers also observe consolidation within a solid group at four-hour intervals, which leads to the possibility of vertical movement. The token has traded between $340 and $355 over the past few weeks. This strategy shows short-term sensitivity but introduces volatility linked to upcoming internet changes or changes in the overall market.
According to TradingView, the price chart is currently in neutral territory. The relative strength index is around 46, which means that the rise is balanced between buyers and sellers without going to overbought and oversold areas. Most moving averages also provide mixed signals, with the price moving closer to the short-term lines while the long-term provides little support.
A short-term moving average ensures stability, which can help if new demand occurs.
The Monero Ecosystem is moving forward with transactions that are based on strong privacy and long-term success. Developers continue to push forward with the upgrade to Full Proof of Membership, known as FCMP++, and the CARROT feature, and the corresponding hard fork remains on schedule without delaying the mid-2026 launch.
This upgrade will greatly increase the anonymity established by removing all chain history and will make the service easier to operate.
On top of this, the Qubic network announced on April 16 that it will cancel the Monero mining rewards and deposit. Dogecoin. The news has raised short-term concerns about hashrate distribution and mining participation, which in turn has put additional pressure on the price. These things have made a 3% fall.
In today’s mix, there is a lot of support and resistance for Monero. The initial support rate is fixed at around $340. This is serving as a major area that buyers have defended several times during the past week of steady trading. The second largest level is around $328 and $330, where the price can find a reliable stability in short-term selling waves.
Above, there is long-term resistance around $350 and $355. This is the level at which the signal has been approached many times without successful output. A move above this level could target $360 as the next resistance. The values defined within the wedge trading pattern reflect the amount of trade between buyers and sellers.
Also Read: Bitcoin Price Reclaims $77K as ETF Demand Sparks $80K Outlook
