Monero Falls Below $278: Bear Flag Signals Risk of Slide to $268 Support
Monero (XMR) is down more than 6% this week and trading at $277.29 — its lowest since early May. The overall mood around...
Quick overview
- Monero (XMR) has dropped over 6% this week, trading at $277.29, its lowest since early May.
- The majority of traders are short on Monero, with 53.04% favoring further downside amid increasing open interest in futures.
- Technical indicators show a bearish trend, with price below key moving averages and a confirmed bear flag breakdown.
- If the price fails to reclaim $273.76, it could drop to $268.90, where potential buying interest may emerge.
Monero (XMR) is down more than 6% this week and trading at $277.29 — its lowest since early May. The overall mood around the privacy coin has turned bearish, with traders shorting and technicals flashing red.
According to CoinGlass, 53.04% of traders are short on Monero, with the long-to-short ratio in favor of more downside. This bearishness is further reinforced by growing open interest in futures, meaning fresh capital is flowing into short positions.
Adding to the pressure, CryptoQuant’s Spot Taker CVD (Cumulative Volume Delta) is negative. This means sellers are hitting the bid more aggressively than buyers, a sign of strong selling across spot exchanges.
Monero (XMR) Below $278 is Trouble
The technicals have gotten even worse after XMR broke below $282.47 and dropped to $273.76. Price is still in a descending channel and the 1-hour chart is a textbook bear flag breakdown.
Key technicals:
- 50-SMA Resistance: Price is below the 50-period SMA at $288.34
- Lower Highs & Lower Lows: Classic downtrend in a defined bearish channel
- RSI Reading: 35.37, not oversold yet
- Bearish Engulfing Candle: Confirmed the latest leg lower
If price doesn’t reclaim the middle of this channel, we could see a drop to $268.90. Momentum indicators are pointing south and there’s no bullish divergence in sight. Watch for another test of $273.76, which may break if selling continues.
Monero (XMR) Bounce or Continue Down?
While the trend is strong, short-term relief is possible. Bulls need to reclaim $282.47 and get above the 50-SMA to reverse. Until then, the trend is your friend — and right now it’s pointing down.
Trade Setup (Short-biased, Beginner-Friendly):
- Entry Zone: $280-$282 (on failed bounce)
- Stop-loss: $288.50 (above 50-SMA)
- Target 1: $273.76* Target 2: $268.90
Note:
- RSI not oversold — more room down
- No bullish MACD crossover or divergence
- Bearish candles (engulfing, shooting stars) will be reentry signals
Summary:
Monero’s setup is bearish with price below key MAs and short interest building across markets. A close above 50-SMA would change sentiment but for now the trend is down. If $273.76 fails, XMR will head to $268.90 — where buyers may reenter.
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