Monero (XMR) price faced a sharp decline after being blocked near $380, signaling a shift toward a bearish trend. Monero is currently trading near $338.72. If it breaks below the key support level of $315, it could trigger a sharp sell-off with target prices at $173, and potentially even drop to $104. The decline in on-chain activity has exacerbated the bearish technical pattern, with daily transaction volume declining from nearly 40,000 in mid-January to approximately 25,705, while mining rewards have also almost halved during the same period.