The Monero price has struggled substantially in the past few months. XMR is trading at $190, which is about 65% below the highest level this year. This means that its total market cap has dropped to more than $3.4 billion. Its ranking has dropped to about 51. At its peak, the coin was among the top 15 biggest cryptocurrencies
Monero is a relatively popular cryptocurrency, especially in the dark web. It is more popular in these platforms simply because its transactions cannot be tracked. However, this popularity has not translated to the performance of the cryptocurrency.
The Monero price has retreated partly because of the falling number of transactions. According to BitInfoCharts, the number of Monero transactions has declined to the lowest level since November. Still, as shown below, these transactions have been relatively steady in the past few months.
In my view, the performance of Monero is simply because it has stayed out of the limelight for a while now. Unlike other currencies like Avalanche and The Sandbox, there is little that has been written about in the past few weeks.
Monero price prediction
The daily chart shows that the XMR price has been under intense pressure in the past few weeks. The coin managed to have a bearish breakout on December 4 when it moved below the key support level at $209. It is now hovering slightly below this support level.
At the same time, Monero has formed a death cross. This is a pattern that happens when the 200-day and 50-day moving averages make a crossover.
Therefore, the path of the least resistance for Monero is lower. The next key support level to watch is at $150, which is about 20% below the current level. A move above the resistance at $210 will invalidate this view.