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Monero price has dropped alongside every major metric, all complemented by the death cross confirmation. Monero (XMR) shed over $60 in the last 24 hours as the hype for privacy coins began to fade. The decline might linger for a while as Monero has printed a death cross on its hourly chart. This suggests there could be strong implications for the altcoin in the short term as the volume plunged by 17%. Monero faces momentum setback Notably, a death cross pattern forms when a short-term moving average (MA) falls below the long-term MA. On the hourly chart, the 9-day and 26-day MA show the price could slide as low as $581.64 and, under positive conditions, climb to $617.30. The Relative Strength Index (RSI) at 63.36 leaves room for further declines as there are no oversold conditions yet. Monero holds top 15 ranking despite technical weakness Despite the bearish outlook and price volatility triggered by the death cross, Monero remains the 12th-ranked crypto asset by market capitalization.
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