Is Monero (XMR) About to Slip Under $300 Amid Growing Selling Pressure?

TLDR:

• Monero records a cumulative decline after losing 7% on Sunday and 4% this Monday.
• Long position liquidations exceed $239,000 as prices descend.
• Key support sits at $302, a critical level before a potential drop to $231.

The leading privacy cryptocurrency began the week on a strong bearish note. This Monday, the Monero $XMR price fell by 4%, adding to the previous Sunday’s 7% decline, a situation that has shifted investor focus toward the $300 support zone.

Retail buyers weakened due to this correction, triggering a sweep across the derivatives market. Data from CoinGlass reveals that at least $240,000 in long positions have been liquidated, while open interest retreated by 11% over the last 24 hours.

Furthermore, seller dominance is evident in the long-to-short ratio, which dropped to 0.65. Consequently, the market has turned cautious as the asset struggles to remain above its fundamental technical levels.

Technical Analysis and Critical Levels for $XMR

The asset is currently trading below its 50-day and 200-day Exponential Moving Averages (EMA). This configuration reinforces the short-term bearish bias, especially as the price nears the 78.6% Fibonacci retracement level located at $302.

If the Monero $XMR price fails to hold within the support zone between $290 and $302, the decline could extend further. Should a decisive close occur below this range, the next technical target for bears would be found at $231.

On the other hand, indicators such as the RSI stand at 35, approaching the oversold zone but leaving room for further declines. For a sustained recovery to take place, the price would need to break above the $381 barrier, thereby invalidating the current selling pressure.

In summary, traders are on high alert due to recent volatility and the possibility of new lows. The market now awaits an accumulation signal to stem the bleeding before the psychological level of three hundred dollars is lost.

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