Gate News, March 23 — Monero (XMR) is currently trading at $359.55, down 0.61% intraday. It remains within an upward channel but has failed to break through the resistance of the downward trendline since January. The mixed capital flow indicators show conflicting market signals, causing traders to hesitate between a bearish breakout and a potential reversal.
The Chaikin Money Flow (CMF) indicator is at -0.18, indicating significant selling pressure weighted by volume, which has been declining since late February. The price is blocked below the descending trendline near $370, making it difficult for buyers to push the CMF above the zero line. Conversely, the Money Flow Index (MFI) shows bullish divergence, forming higher lows, but this divergence has not yet triggered a price reversal. If the MFI drops below 40, the bearish signal from the CMF may be confirmed.
Short-term charts show XMR approaching the upper resistance zone of $372–$375. The Fibonacci 1.236 extension level is at $355.94, and the 1.5 extension at $372.95. If the price breaks below the lower boundary of the upward channel at $332, XMR could decline toward around $279, a roughly 16% drop. The Fibonacci 0.618 level at $316 may serve as an intermediate support.
To break the bearish pattern, XMR needs to confirm a daily close above the descending trendline at $370. The recent release of the native Monero iOS wallet with privacy features may attract new buyers, but only if trading volume breaks above the trendline can this fundamental factor sustain a price rebound. Traders should closely monitor technical resistance levels and changes in capital flow to assess XMR’s next move.
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