Monero Prices Plummet, But Technical Indicators Suggest a Rebound

Monero’s price has experienced a steep drop this week, falling for three consecutive days and wiping out some of its recent gains. The token plummeted to $320.80 on Wednesday, down over 23% from its year-high. Although it slightly recovered and traded near $350 at the time of writing, no specific news appears to have triggered this decline. The drop likely resulted from profit-taking as the token surged more than 125% since hitting a yearly low earlier in the year. It’s common for assets experiencing significant price increases to experience some consolidation after extended rallies.