- XMR plunged 15% in 24 hours, erasing May gains and testing critical $331 Fibonacci support level now.
- Long traders face liquidation below $331; spot buyers acquired $1.59M XMR during the sharp price dip.
Monero (XMR) lost 15.15% of its value within one day. This drop reduced XMR’s gains for May to 17%. The price reached $331, a level matching the 50% Fibonacci retracement point. This price area now acts as important support.
Market data indicates traders holding long positions could face liquidations if XMR falls below $331. Funding rates remained positive for seven days before this decline. However, recent trading activity broke through prior support levels.
These levels held gains from the previous two weeks.
Traders entered the market during the price drop:
- Spot market traders acquired XMR worth $1.59 million.
- These coins moved into private wallets, suggesting longer holding plans.
- Derivatives markets show rising Open Interest-Weighted Funding Rates.
Continued accumulation and storage in private wallets could support the price. If buying pressure persists, upward movement may follow.
Holding the $331 support level is uncertain after recent trading. If $331 fails, analysis points toward a “fair value gap” zone lower on the chart. This specific area might attract sufficient buyers to halt further decline. A bounce could start from this lower zone.
The next few days will show if current support holds or if XMR seeks a floor at lower levels. Spot buying and derivatives activity offer counterpoints to the current downward pressure.
Monero (XMR) is currently trading at $344.28, showing a significant 7.46% decline in the last 24 hours, though it remains up 46.71% over the past month and a robust 143.71% over the past year. With a market capitalization of $6.35 billion and a 24-hour trading volume of approximately $167 million, XMR is clearly in a highly volatile phase but still holds strong long-term momentum.
The coin recently surged past the $350 mark, triggering renewed attention from privacy-focused investors. This aligns with a broader altcoin rally, where privacy coins like XMR and Zcash are gaining traction as concerns around on-chain surveillance increase.
