Foreign media reports that Monero (XMR) followed Bitcoin's decline on June 2nd, falling approximately 6% intraday and briefly dropping to around $344. The article argues that XMR is currently at a short-term directional juncture; whether the support around $340 holds will determine whether a technical rebound occurs or a deeper correction follows.
$400 failed to recover
The article mentions that XMR bulls previously failed to regain the $400 level, weakening the market structure. The current price has returned to near a trendline that has lasted for approximately two years. This level provided support during the pullbacks in the second half of 2025 and February 2026, and is therefore considered a key support level in this downtrend.
If this support holds, XMR may rebound from its current level. The article suggests an upside target around $380, corresponding to approximately 15% upside potential.
The monthly chart pattern is approaching a historically weak phase.
The article states that, looking at higher timeframes, especially the monthly chart, the current trend of XMR is similar to the two previous periods of market weakness. In those two previous periods, after breaking below the medium- to long-term trend lines, XMR experienced pullbacks of approximately 80% and 61%, respectively.
The author also mentions that historically, the MACD showed a death cross signal before and after these two declines. According to the article, the current chart is also close to forming a similar signal. If technical indicators weaken and the price clearly breaks below the trendline support, XMR could further decline to around $217. At the current price, this implies approximately 37% downside potential.
The privacy coin sector showed mixed performance.
The article also mentions that the overall performance of the privacy coin sector will affect XMR. While another privacy coin, Zcash (ZEC), also followed Bitcoin's decline, the article states that it has recovered some of its losses during the day. This suggests that sector sentiment has not yet completely turned bearish.
However, if Bitcoin continues to weaken, or the hype surrounding privacy coins fades, the trendline support level for XMR may face even greater pressure. The core assessment of this article is that the $340 area is currently the most crucial price range to watch, and subsequent price movements will largely depend on whether this level can hold.
