The price of Monero (XMR) is at risk of plummeting as the selling pressure rises to the sky.

As of Thursday afternoon, Monero (XMR) continues to be in the red, trading around $284 after falling an additional 6% in the past week – marking the lowest level in two months. Selling pressure is clearly increasing, as evidenced by the sharp rise in the number of short positions (Short) and notable activity in the futures market. Technically, if XMR cannot hold the support level of $277.96 at closing, the downward momentum may continue, pushing the price to plummet deeper into the zone of $241.95.

The risk of a deep fall for Monero increases as short positions surge

According to data from CoinGlass, the long/short ratio of Monero across all exchanges currently shows that the bears are in control, with 53.04% of traders betting on the scenario of prices continuing to plummet.

XMR long/short ratio chart on the exchange | Source: CoinglassAdditionally, statistics from CryptoQuant also recorded a significant increase in activity in the Monero futures market. More and more investors are using leverage to open positions, while the Spot Taker CVD index has shifted to the negative zone – an early warning signal for a potential strong correction in the near future.

Monero Price Forecast: Bears Targeting $241

Monero (XMR) is facing strong selling pressure after being rejected at the previously broken upward trend line — identified by connecting the lows formed since mid-June. The failed bounce on July 25 triggered a decline of over 12% within 13 days, pulling the price back to its lowest level since May 7. As of now, XMR is still trading below the $284 level.

If the weakening trend continues and XMR closes below the (EMA) 200-day moving average at $277.93, the correction pressure may increase, opening up the possibility for the price to fall deep into the important support zone at $241.95.

Daily XMR/USDT Chart | Source: TradingViewTechnical indicators are also leaning towards the negative. Specifically, the Relative Strength Index (RSI) and Awesome Oscillator (AO) are both below neutral thresholds — at 50 and 0 respectively — indicating clear momentum towards the bears. At the same time, the MACD indicator has generated a bearish crossover signal since July 20 and is still in effect, further reinforcing the pessimistic outlook.

However, in the recovery scenario, if XMR can bounce from the current price zone, the rally could extend to test the 100-day EMA at $305.46 — a notable resistance level in the short term.

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