Monero's Price Decline Sparks Concerns Amid Potential Recovery Signals

Monero's price recently experienced a significant 20% drop, briefly falling below $500, which led to panic among short-term traders. According to NS3.AI, despite the sharp decline, on-chain data reveals subdued selling pressure, positive funding rates, and sustained long interest, indicating a potential recovery for the cryptocurrency. Analysts emphasize Monero's strong long-term bullish pattern, noting critical support levels between $400 and $500. They caution that maintaining a position above this zone could signal a continuation of the bullish trend, while failure to hold could result in a deeper correction.