Monero's Bear Market Persists, Solana's Smog Token Skyrockets

The value of Monero dropped around 2% on Friday, making it the worst performer among the major cryptocurrencies. The current price is $141.04 and, according to analyst @AndrewGriUK on X, a price above $141 supports a bullish trend direction. With this, the analyst anticipates an increase in long exposure for a break above 150. #XMR.

Monero's Bearish Slide Continues, While Solana's Smog Token Surges

The cryptocurrency market witnessed a mixed performance on March 25, 2024, with Monero (XMR) experiencing a significant downturn, registering a 2% loss to trade at $141.04. This movement has positioned XMR as the most notable loser among major cryptocurrencies.

According to the renowned crypto analyst @AndrewGriUK, a price level above $141 indicates a bullish trend direction. With this observation, the expert anticipates an increase in long exposure, paving the way for a potential breakout above $150. This level also coincides with the 61.8% Fibonacci retracement level, further reinforcing the bullish outlook. The target price has been set at $163, corresponding to the 78.6% Fibonacci retracement level, while the stop-loss level has been established at $129.

Monero's Upcoming Barcelona Meet-up and Price Predictions

Amidst Monero's price decline, the network has announced plans for its first meet-up in Barcelona on April 6, 2024. This event is expected to gather the Monero community and may potentially influence market sentiment in the coming days.

Over the past several weeks, Monero's price has exhibited significant volatility. Employing Fibonacci retracement indicators to analyze the market trend, it becomes evident that the price is poised to retrace towards the mean, represented by the 50% Fibonacci level at $131.62. This suggests that the altcoin's market value could fluctuate towards either direction from this midpoint.

The current market sentiment leans towards a bearish outlook, as evidenced by the Relative Strength Index (RSI) remaining subdued below the '0' level. The Awesome Oscillator (AO) indicator further accentuates this view, as it consolidates near the midline, indicating market uncertainty.

Despite the current downtrend, a bullish surge could drive Monero's price above the 50% Fibonacci level at $141.82. Should a daily candlestick close materialize above this level, it would trigger a surge in buy orders, potentially propelling a sustained uptrend.

In such a scenario, the Monero price could potentially extend its gains towards the $153.78 peak, last seen on March 3, representing an approximately 10% appreciation from current levels.

Smog: A Rising Star in the Solana Ecosystem

While Monero grapples with its price decline, Smog, a meme coin on the Solana blockchain, has experienced an impressive surge, boasting a remarkable 232% monthly gain. This captivating token has garnered widespread attention since its launch, aiming to deliver the most substantial airdrop in Solana's history.

To qualify for the airdrop, SMOG token holders are required to actively engage in tasks managed by Zealy. The project has dedicated 35% of its total token supply, amounting to 1.4 billion tokens, to this airdrop program. The first phase of the airdrop concludes on April 3, 2024, and is anticipated to distribute approximately $1 million in giveaways.

This airdrop initiative has sparked overwhelming enthusiasm, resulting in a surge of task completions on Zealy to nearly 3 million. The project has amassed a strong community base, boasting over 107k holders and a cross-platform following of 106k. Smog's market capitalization has skyrocketed to $145 million, establishing its position as the 22nd largest meme coin.

For investors seeking to acquire Smog tokens, the official website offers an exclusive 10% discount on purchases. However, time is of the essence, as this exceptional offer has a limited duration.