Monero (XMR) price faced a significant decline after encountering resistance near $380, signaling a shift toward a bearish trend. Monero is currently trading near $338.72, and if it breaks below the key support level of $315, it could trigger a sharp drop with target price levels of $173, and potentially even down to $104. The decline in on-chain activity has intensified the bearish technical setup, with daily transaction volume dropping from nearly 40,000 transactions in mid-January to approximately 25,705 transactions, while mining rewards have also nearly halved during the same period.