Monero Price Breakdown Begins? Dip Buyers Now Fight XMR’s Drop to $135
Monero faces potential breakdown due to a bear flag pattern, weak dip buying, and falling positive sentiment, targeting $135 if support fails.Summary
The Monero (XMR) price is under pressure, showing signs of a potential breakdown following a sharp decline since mid-January. The price action resembles a bearish pole-and-flag pattern, which signaled a bearish breakdown as of February 12.
Analysis of market indicators shows weak buying interest; while the Money Flow Index (MFI) suggests some dip buying, it lacks the strength for a reversal. Exchange flow data shows net outflows, indicating some buying, but overall demand is feeble. Furthermore, while social dominance is slightly rising, positive sentiment has sharply declined by 74% since February 9, suggesting discussions are driven more by concern than optimism, hindering a sustained recovery.
Key price levels determine the next move. Resistance sits near $361, the center of the bear flag. If this level is not regained, downside risks dominate. Support lies first at $308, then $276 (the February low). If both fail, the bear flag projection targets the $135 region, which is the next major historical support zone.
(Source：BeInCrypto)