Monero (XMR) is testing a crucial support level as the cryptocurrency market experiences increased volatility following the Federal Reserve's rate cut and a meeting between Trump and Xi Jinping. The market has witnessed $813 million in liquidations, with XMR trading around $328.11. The cryptocurrency is forming a descending broadening wedge pattern on the 4-hour chart. If buyers can maintain support near $322, Monero may rebound towards $342. However, a failure to hold this level could lead to further declines, highlighting the importance of this support zone in the current market conditions.