Monero Drops 3% Below $308 Support Level Amid Broader Altcoin Weakness

Monero (XMR) has experienced a notable decline, trading below the $308 support level during Friday’s session. This drop has raised concerns among traders and analysts about the potential for further downward movement. The cryptocurrency's price rejection at the daily high and subsequent fall below key support levels suggest a weakening trend strength. Technical signals indicate that if Monero fails to reclaim above the $308 support, it may continue to drop toward the next potential support level at $296.

The 1-hour Binance chart reveals clear resistance rejection at the daily high, with continuation patterns forming below major levels. This structure is not unique to Monero; similar patterns have been observed across other altcoins, indicating a broader market trend. The current XMR/USDT structure shows lower lows and failing highs, which, if Monero closes below the trend line, could lead to further downside toward lower targets.

The current structure of Monero’s price action shows a failure to reclaim the daily high near $334, with the price rejecting from that level multiple times. This has led to a sharp reversal and consolidation beneath both the 50-period and 200-period moving averages, which are strong indicators of near-term momentum changes. Technical analysis from June 13, 2025, outlines two potential outcomes: a re-sweep of the daily low followed by a bullish reclaim, or a close below the low, confirming a continued downtrend. Traders are closely monitoring this area as it represents a major decision point for momentum direction.

At the time of observation, Monero was trading around $308.90. A continued drop below this figure would open the path to test levels near $300 and $296. In such setups, price typically aims to sweep liquidity at the lows before establishing new directional moves. The initial flash move swept the daily low, which has now become the focal point for price reaction. Market structure suggests that price action will either retest or breach these levels to trigger the next key move.

Crypto analysts have noted this setup across multiple altcoins. If Monero follows this script, a clean break below $308 with a candle close may confirm a trend lower. The downward arrows marked on the structure indicate that price action could follow a stair-step pattern toward lower zones. Such market behavior often reflects institutional order flow, where liquidity is targeted around key daily ranges. A failure to reclaim above the previous low often confirms distribution zones and may trigger further selling pressure. If reclaimed, the scenario flips into a range reversal strategy.

This chart structure can now be identified across several altcoins, with similar price action appearing post-flash moves. These patterns typically begin with a sweep of daily lows, followed by range formation. Traders then wait for confirmations through volume and close direction before entering trades. For Monero, the high-probability trade is to re-sweep and reclaim if the range holds. However, failure to reclaim the $308 support could confirm extended losses. The visual pattern shows projected movements toward $296 or lower depending on session volatility.

This trade setup now attracts growing attention, especially among short-term traders seeking structure-driven entry points. It reflects broader volatility across alt markets, where price reacts strongly around daily highs and lows. The pressing question remains: Can Monero regain strength or will it confirm a trend continuation to deeper support levels? The outcome will depend on whether Monero can reclaim above the $308 support or continue its downward trajectory toward $296.