- On Saturday, the price of Monero (XMR) fell by about 3% after seeing a correction in the price of Bitcoin (BTC), forcing its price below $345 with a market cap of $6.33 billion.
- The cryptocurrency is struggling to break the major consolidation pattern at around $355 and frequently faces rejection at this level.
- This decline comes after a correction in Bitcoin (BTC) and the sector’s ongoing rotation, as funds move into BTC amid a rally while overall sentiment across altcoins remains neutral.
On its 12th birthday, one of the leading privacy coins, Monero, saw a slight 3% decline following a consolidation and correction in the overall cryptocurrency market.
according to CoinMarketCapThe cryptocurrency fell by about 2.95%, forcing its price to fall below $343.35. Despite the decline, the cryptocurrency still has an impressive market cap of around $6.33 billion. However, the daily trading volume registered a decline of around 1.5% and is currently hovering around $110.23 million.
The decline in Monero comes mainly from the ongoing rotation in the sector, with money moving inward Bitcoin Amid the rally, while overall sentiment across altcoins remains neutral. This is also confirmed Altcoin Season Indicatorwhich is leaning slightly towards Bitcoin at the moment. This type of capital turnover in Bitcoin reduces demand for privacy-focused currencies like Monero.
Monero faces rejection at $355 amid correction in Bitcoin
Monero is forming a converging wedge pattern on the daily chart, a setup that generally creates pressure and often results in a clear breakout once the price moves out of the narrow range. Some analysts are also observing consolidation within a narrow range on the four-hour time frame, which increases the chance of a sharp directional movement. The token has been trading between $340 and $355 over the past few weeks. This pattern shows balanced conviction in the short term but sets the stage for volatility associated with upcoming network upgrades or changes in general market trends.
According to TradingView, the price chart is currently in the neutral zone. The Relative Strength Index is at around 46, which means that momentum remains balanced between buyers and sellers without entering the overbought and oversold zone. Most moving averages also give mixed signals, with the price hovering near the shorter-term lines while the longer-term averages provide modest fundamental support.
A shorter average period confirms stability, which may help in the event of new demand.
The Monero ecosystem is moving forward with focused developments built on stronger privacy and long-term efficiency. Developers are maintaining steady progress on upgrading Full Chain Membership Proofs, known as FCMP++, along with CARROT features, and the related hard fork remains on schedule without any delay for activation in mid-2026.
This upgrade will significantly expand the anonymity pool by pulling from the full chain history and will make transaction processing smoother for better performance.
Furthermore, the Qubic network announced on April 16 that it will phase out Monero mining rewards and replace them with Dogecoin. This news raised short-term concerns about hash rate distribution and miner participation, which also created additional pressure on the price. These factors created a 3% decline.
In the current consolidation pattern, there are major support and resistance levels for Monero. The key support level remains fixed around $340. This acts as a key level that buyers have defended several times over the past week of limited trading. The second larger zone is around $328 and $330, where the price may find reliable stability during short-term selling waves.
On the upside, there is an immediate resistance level at around $350 and $355. This is a level that the symbol has approached several times without achieving a clear breakout. A break above this level could target $360 as the next hurdle. These specific levels within the Converging Wedge pattern show the ongoing balance between buyers and sellers.
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