Monero posted a sharp 24-hour decline, losing more than $60 as price fell from $648.07 to an intraday low of $576.56 before settling at $584.22. The move left XMR down 8.11% on the day, a steeper drop than the broader crypto market’s 2.05% decline, according to the cited CoinMarketCap data. Interest around privacy coins has cooled, and XMR has been pulled lower with it.
Hourly death cross points to continued short-term weakness
Chart data cited in the report shows Monero forming a death cross on the hourly timeframe, where a short-term moving average falls below a longer-term moving average. Traders typically read that setup as a bearish signal. Under continued selling pressure, price could slip toward $581.64; under stronger conditions, a rebound could take XMR back to $617.30.
The decline gathered pace after Monero dropped below the $600 support zone. Once that level gave way, selling accelerated. Some of that pressure appears tied to traders locking in gains from the previous rally, leaving the asset exposed to a deeper pullback.
Volume falls as participation weakens
Trading activity also moved lower during the sell-off. XMR volume fell 17.16% to $290.94 million. A drop in both price and volume points to fading participation at a time when buyers have not stepped in strongly enough to absorb supply.
The report says many investors have rotated out of the asset after taking profits from the earlier surge. That shift has added to the ongoing pressure. For now, the market is showing less urgency around privacy-coin exposure than it did during the recent advance.
Market cap holds up, but traders are watching $560
Even with the latest slide, Monero still holds a market capitalization of $10.81 billion, placing it 12th among cryptocurrencies by market value. Just over a week ago, enthusiasm around privacy coins had helped XMR break into the top 15 assets. That momentum has now reversed, leading holders to reassess positions.
The earlier push higher was partly linked to governance issues at Zcash (ZEC), which reportedly drove some investors toward Monero. That demand boost lifted price, but the retreat has encouraged profit-taking. Monero’s Relative Strength Index stands at 63.36, which means the asset has not yet reached oversold territory and may still have room to move lower.
Attention is now on the $560 support level. If that area breaks, the report says XMR could move closer to the $500 mark. Longer term, Monero’s position in the privacy-coin segment remains intact, but current trading is being dominated by technical weakness and softer sentiment.