- The value of Monero and Zcash has declined amid macroeconomic pressures:

The broader cryptocurrency market remains under pressure following Federal Reserve Chairman Jerome Powell's comments in his first press conference after the meeting on Wednesday.

The Federal Open Market Committee kept interest rates unchanged, meeting market expectations, but what raised investor concerns was the Fed's hawkish stance, which prioritized price stability and the need to reduce inflation to the long-term target of 2%.

Powell's remarks indicated that the central bank appears comfortable with the current situation, but is not yet ready to announce a shift toward rate cuts. In fact, the possibility of a rate hike has resurfaced, with market participants currently betting on a 30% chance in the next review.

Fed Watch | Source: CME Group
Sentiment has worsened further, as evidenced by the Fear and Greed Index, which settled at 15 points in the extreme fear zone on Thursday, down from 22 points the previous day. This indicates that investors are cautious about risky assets and are likely to keep their exposure limited in the near term.

Crypto Fear and Greed Index | Source: Alternative
- Monero extends correction:
The price of XMR remains confined below the middle Bollinger Band around $340, and below all major exponential moving averages, with the 50-day EMA near $359, while the 100- and 200-day EMAs hover just above $366.
However, the positive MACD (Moving Average Convergence Divergence) on the daily chart and the Money Flow Index (MFI) around 65 suggest improving bullish momentum, but these indicators only point to corrective rebounds as long as the spot price remains below this high.

Daily chart of the XMR/USDT pair
Meanwhile, initial resistance appears at the middle Bollinger Band near $340, followed by the 50-day EMA at around $359. Above that, the 100- and 200-day EMAs around $367 form a broader barrier before the upper Bollinger Band near $389. On the downside, the lower Bollinger Band around $291 acts as a significant support. Breaking this level could lead to further decline despite the current positive market momentum.
$XMR ‌
$ZEC ‌