Monero’s 65% Price Crash Didn’t Form a Bottom? Why $150 Is Now the Real Risk
Despite a recent rebound, Monero's price action suggests the downtrend remains intact, pointing toward a potential risk toward $150.Summary
Monero (XMR) has fallen over 65% from its mid-January peak, and while a rebound occurred after hitting $276, technical indicators suggest this is merely consolidation within a bearish continuation pattern known as a bear flag. Exponential Moving Averages (EMAs) are showing developing bearish crossovers, reinforcing the view that the downtrend is still active.
Furthermore, exchange flow data indicates that recent price rebounds are being used by investors to exit positions rather than accumulate, as flows flipped from net outflows to net inflows during consolidation. Derivatives data also shows caution, with Monero's open interest dropping by over 60% since mid-January, signaling a reduction in leverage and risk-taking.
Given the alignment of bearish technicals, fading spot demand, and shrinking derivatives participation, the immediate downside risk is significant. If XMR breaks below the first major support near $314, the next key demand zone and primary downside target becomes $150, a level derived from a key Fibonacci retracement.
(Source：BeInCrypto)