Monero (XMR) was defying the larger crypto market over the last few months. While other assets were facing steep price corrections, XMR was registering big gains. However, Monero’s rally seems to have run its course, facing a steep price crash in the last 24 hours. According to CoinGecko’s XMR data, XMR is down 8.5% in the daily charts. However, the asset continues to glow green in the other time frames, rallying 6.8% over the last week, 17.2% in the 14-day charts, 9.4% over the previous month, and 129.5% since December 2024. Let’s discuss why XMR is down today, and if the asset can rebound.
Why is Monero Facing a Price Crash? Will It Rebound?
Monero (XMR) experienced an anomalous rally over the last few months. XMR and other privacy-focused cryptocurrencies followed a divergent path from the larger crypto market. The rally may have been fuelled by a demand increase for privacy tokens. However, the trend seems to have died out. Zcash (ZEC), Monero (XMR), etc., are all facing price corrections. The dip may be due to investors booking profits after the recent surge.
Monero (XMR) is likely falling into the larger crypto market trend. Bitcoin (BTC) has struggled to gain steam since October, and other assets are following its lead. XMR, despite the attempt to pivot from the market trend, seems to have finally fallen in line.
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It is unlikely that we will see Monero (XMR) making a rebound, given the larger crypto market trend. Market participants are increasingly moving away from risky assets. Gold and silver seem to be the go-to options for most traders as they take a more risk-off approach. Moreover, given XMR’s steep price crash in the last 24 hours, we may be seeing a trend reversal for the asset.
