Monero XMR Attempts First Recovery in a Month, But Death Cross Risk Looms
Monero is attempting a slight recovery after a 60% drop, but faces risks from declining open interest and a potential Death Cross.Summary
Monero (XMR) has experienced intense selling pressure, collapsing nearly 60% in the last month, which has significantly weakened investor confidence and pushed the price into a downtrend. Derivatives data confirms this sentiment shift, showing Monero's open interest dropped by 57% from mid-January to about $118 million, signaling reduced speculative interest due to profit-taking and bearish market conditions.
Despite the overall weakness, short-term indicators suggest selling pressure might be easing, as the Money Flow Index (MFI) shows a bullish divergence against the price, indicating declining downside momentum. Currently, XMR is attempting a gradual recovery near $326, facing immediate resistance at $335 and a higher hurdle at $357.
However, significant downside risk remains. If bearish momentum intensifies, a Death Cross—where the 200-day Exponential Moving Average crosses above the 50-day EMA—could form, potentially signaling prolonged weakness and pushing XMR below $291 toward $265 or lower.
(Source：BeInCrypto)