Monero Faces Bearish Trend Amid Weak Buying Strength

Monero (XMR) has been experiencing a bearish trend since mid-January, characterized by a bear flag pattern that suggests a potential continuation of its downward trajectory. According to NS3.AI, despite some dip buying activity, as indicated by a rising Money Flow Index and exchange outflows, the buying strength remains insufficient against ongoing selling pressure and declining positive social sentiment. Key support levels are identified near $308 and $276, which are crucial in the short term. However, if these levels fail to hold, Monero could potentially drop further toward $135.