XMR's MACD and RSI confirm building downside pressure as the bearish trend deepens.
Price action forms lower highs and lows, signaling continuation of the decline.
Sellers dominate volume on red candles, indicating aggressive profit-taking or exits.
Monero (XMR) is hanging on near the $290 support level, as the pressure is mounting. Indicators show that bullish strength is fading, and if this zone gives way, a deeper drop could quickly follow.
Downtrend Strengthens as Technicals Turn Bearish
According to Alpha Crypto Signal's recent analysis on X, Monero has retraced to a historically strong demand zone between $285 and $290. In past cycles, this level triggered significant upward moves. However, recent price behavior suggests fading strength.
Since early August, XMR has dropped from $310 to $289.91, forming a pattern of lower highs and lower lows. This structure reflects a weakening market. The 4-hour chart on KuCoin reinforces this decline, with momentum indicators worsening.
The MACD (12, 26) presents a firm bearish signal. The MACD line sits at -3.52, well below the signal line at -2.49. Both are in negative territory. The histogram has turned red again, signaling a fresh wave of selling. Earlier recovery efforts have failed to sustain momentum.
The RSI (14) stands at 40.46, indicating bearish territory. A failed attempt to break above the neutral 50 level on August 5 suggests that buyers are losing control. RSI is not yet oversold, implying there’s room for more downside before a potential bounce.
Volume Confirms Seller Dominance
Volume activity strengthens the bearish case. Red candles have drawn more participation, with volume spiking during sell-offs. This behavior shows traders are exiting positions more aggressively as the price falls.
At present, XMR is trading below both its 9EMA ($301) and 50SMA ($316). Reclaiming these levels could revive bullish sentiment until then, the bears remain in control.If $290 fails to hold, the next likely support zones lie at $280 and $270. Holding above current levels is vital to avoid a deeper slide.
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