Monero Rally Fades As $400 Rejection Puts Bears Back In Control

Monero (XMR) fell back toward its long-running $352 level after a sharp rally tied to large orders reportedly linked to hidden funds.

Monero Rally

Monero jumped on Jun. 11 after gaining 13.3% over the previous three days, with the move carrying the privacy coin to $390, according to market data cited in the report.

The rally extended during Friday trading, when XMR reached a local high of $426, but the move faded quickly and the token closed the day at $353. That weakness continued afterward, leaving XMR near $347 at the time of writing.

The report said the price spike followed activity flagged by ZachXBT on Telegram, after an entity created Monero orders following a $120.2 million USDT deposit to a Tron address.

The entity was splitting up the deposit and using Monero to obscure the funds, while the resulting orders were large enough to move the market sharply.

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XMR Outlook

The technical picture remains mixed, but sellers appear to have the stronger case in the short term, based on the report’s reading of higher and lower time frames.

On the daily chart, XMR still reflected a broader bullish swing from $230.20 to $800, yet the retracement has been deep and pushed below the 78.6% Fibonacci level near $352.

The report said the latest internal shift was bearish, suggesting the rally was only a retracement inside a lower-time-frame downtrend rather than a durable reversal.

On the four-hour chart, the relief move reached $426, slightly above the $406 Fibonacci retracement level, before sellers regained control.

The report said traders could watch for a decline toward local support at $292, with a further extension near $252 if bearish pressure holds. A move beyond $437 would be needed to turn the four-hour swing structure bullish. Monero’s recent price action has repeatedly centered on the $352 region since February, making that level a key reference point for judging whether the latest rejection near $400 becomes another failed recovery.

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