Monero slides as exchange inflows trace back to hacking activity

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Monero drops 7.91% to $371.09 today

Highlights

Monero saw $23 million in large-scale on-chain purchases on May 31, 2026, driving a sharp uptick in exchange inflows and liquidity.
Some of the recent inflows may involve funds linked to hacking or phishing, heightening compliance and reputational concerns amid unusually high trading volumes.
XMR price remains under bearish pressure below key moving averages, with a likely consolidation between $368 and $395 barring a break below $367 or above $392.

Elevated inflows and hacking concerns drive spike in Monero liquidity

Significant buying activity on May 31, 2026 resulted in elevated exchange inflows for Monero, increasing liquidity and market activity. The inflows followed the movement of approximately $23 million into Monero through large on-chain purchases, which were preceded by a $29.3 million USDC withdrawal from Coinbase and subsequent asset swaps. Reports also indicated some of these funds may be linked to hacking or phishing activity, raising reputational and compliance concerns amid trading volumes that exceeded recent monthly norms.

Downside momentum persists as technical levels cap recovery

The $371.09 level places XMR below the SMA-20 at $390.17, SMA-50 at $380.85, and SMA-200 at $394.87, with the immediate resistance defined by the Ichimoku Kijun at $392.41. The daily MACD has generated a sell signal, and the ADX is showing weak but increasing trend strength. The RSI stands at 44.89, the Stoch RSI at 33.85, and the CCI remains neutral, collectively indicating downside momentum without clear oversold signals. BBP readings confirm that sellers dominate the intraday action, further validated by the gap down from the previous close and the session's high volatility.

Consolidation likely as technical signals reduce rally odds

Over the next five sessions, XMR is expected to fluctuate within a typical volatility band between $367.60 and $395.32. The low probability of a price increase is suggested by the alignment of weekly MA, RSI, MACD, and ADX readings. The baseline scenario anticipates continued consolidation in the $368 to $395 range. A break above $392 would open room for bullish action, while a move below $367 would expose XMR to increased downside risk.

Viktoras Karapetjanc, expert at Traders Union, notes that recent large inflows and increased trading activity reflect rising interest and potential fresh demand for Monero. He sees the elevated volumes and notable on-chain purchases as supporting market confidence, despite the price lagging technical benchmarks. While compliance concerns persist due to links with hacked funds, the liquidity spike is a constructive signal in the near term. 'If buyer interest remains and XMR reclaims key moving averages, I expect upward momentum to build from the current base.'

Previously it was reported that Monero was exhibiting bullish technical structure with a high probability of sideways or upward movement. The latest shift in momentum and increased trading volatility now highlight $392 as a pivotal resistance level, with any sustained move below $367 raising the risk of an accelerated decline.

Source of Data: XMR Price Analysis by TU

The analysis is based on a proprietary model combining technical, on-chain, and expert data. Not investment advice. See methodology

The information is based on forecasts and does not constitute investment advice or a guarantee of future results. Market conditions may change. See our Disclaimer and Editorial Integrity for details.