Monero Declines Over 65% Since January Peak Amid Bearish Trends

Monero (XMR) has experienced a significant decline of over 65% since its peak in January. According to NS3.AI, the cryptocurrency is currently trading within a bear flag pattern, indicating that the downtrend remains intact. Exchange flow data reveals that any rebounds are being utilized for selling rather than accumulation. In the derivatives markets, there is a noticeable decrease in open interest and weak funding rates. Technical analysis points to a key support level at $314, with a potential breakdown posing a significant risk towards $150.