Monero fell more than 4% in a single day, significantly underperforming the broader crypto market
#XMR has remained weak recently. On Wednesday, its price briefly fell to $562.21 before sliding further to around $559, bringing its 24-hour loss to 4.1%.
By comparison, Bitcoin fell just 0.28% over the same period, while the broader altcoin market declined by about 0.70%. This suggests that Monero’s drop was not simply a market-wide pullback, but that it faced greater selling pressure of its own.
Trading data shows that Monero’s 24-hour trading volume was about $142 million, down 2.34%. This means the price decline was not accompanied by a large influx of funds rushing into the market to sell. Instead, it appears that buying demand was weak and sellers continued to have the upper hand.
Monero had also previously fallen below a short-term support level, further deepening bearish sentiment. However, no clear negative catalyst has been identified, such as an exchange delisting, a project vulnerability, or a token unlock.
#XMR has remained weak recently. On Wednesday, its price briefly fell to $562.21 before sliding further to around $559, bringing its 24-hour loss to 4.1%.
By comparison, Bitcoin fell just 0.28% over the same period, while the broader altcoin market declined by about 0.70%. This suggests that Monero’s drop was not simply a market-wide pullback, but that it faced greater selling pressure of its own.
Trading data shows that Monero’s 24-hour trading volume was about $142 million, down 2.34%. This means the price decline was not accompanied by a large influx of funds rushing into the market to sell. Instead, it appears that buying demand was weak and sellers continued to have the upper hand.
Monero had also previously fallen below a short-term support level, further deepening bearish sentiment. However, no clear negative catalyst has been identified, such as an exchange delisting, a project vulnerability, or a token unlock.
