Monero (Xmr) Hourly Death Cross Validates 17% Volume Collapse

Monero (XMR) fell by over $60 in the past 24 hours, dropping from an intraday high of $648.07 to a low of $576.56, with trading volume decreasing by 17.16% to $290.94 million. The decline follows the emergence of a death cross on its hourly chart, signaling potential continued bearish momentum as short-term moving averages dip below long-term trends.

Currently trading at $584.22, Monero has registered an 8.11% loss, underperforming the broader crypto market's 2.05% drop. The downturn follows a brief rally last week, initially fueled by investors shifting from Zcash (ZEC) to XMR, but profit-taking has led to renewed downward pressure.

Despite the setback, Monero remains ranked 12th by market capitalization at $10.81 billion and holds its position among the top 15 crypto assets. Analysts warn that a break below the $560 support level could push the price toward $500, while the RSI at 63.36 indicates room for further downside.