Monero drops 12% in one day—Can XMR reach $266?

According to CoinWorld, Monero (XMR) dropped by about 12% within 24 hours, breaking below a key ascending support line, indicating a possible further pullback to $266. Although the Money Flow Index shows continued selling and bearish momentum remains strong, exchange data presents a slightly different picture: open interest has plummeted to $141.15 millions, mainly due to panic selling rather than liquidations, suggesting that the selling may have been exhausted. If a temporary bottom forms, Monero's price could rebound from the lower Bollinger Band to $519.