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The analyst provides an update on Monero (XMR), asserting that previous predictions for a rally into the $725-$750 range, with a potential spike to $800, were accurate. The price did achieve these levels, reaching approximately $790 before encountering resistance. Currently, XMR is trading around $700. The analyst identifies this peak as a "blow-off local top," noting that the significant uptrend initiated around January 10th has concluded, marked by three out of the last four candles closing negatively. Technically, the price dropped below the 2.618 Fibonacci extension at $725 and has retested it. Strong support levels for a potential decline are identified at $625, corresponding to the 7-day rolling VWAP and a high-volume point of control. A further drop could find support at $590, where relevant volume-based levels and a liquidity gap exist. Bearish divergence is noted between the price, which made lower highs, and Futures Cumulative Volume Delta (CVD), which made higher highs, indicating passive selling. Fundamentally, while the privacy narrative supporting XMR remains sound, the analyst suggests that ZCash (ZEC) might regain prominence following news of the SEC dropping its case against ZCash, potentially shifting market momentum within the privacy coin sector. This, combined with the technical indicators, suggests a probable consolidation phase below $750-$800, leading to a subsequent drop towards the $625 and $590 support zones. The analysis implies a short-term bearish outlook for XMR.