Monero [XMR] slides under bearish pressure Since

Monero [XMR] slides under bearish pressure

Since the start of August, Monero [XMR] has been on a steady downtrend, slipping from above $300 to $270.92. The decline accelerated between the 5-7 August, with consecutive red candles breaking key support levels. Brief relief came on 8 August, but follow-through buying failed to materialize, leaving the price action subdued.

A retest of the $264-$260 zone could be on the cards if bearish momentum persists

However, that’s not all.

Monero’s latest price drop has been driven by fears over centralization. Qubic’s [QUBIC] mining pool – a L1 blockchain – now commands over 40% of XMR’s hashrate, causing concerns that a takeover could compromise transaction integrity and decentralization.

This brewing “crypto beef” has shaken market confidence, perhaps causing the bearish momentum since early Augusth