At the time of publication on Friday, Monero (XMR) is steadily holding above $400 and approaching resistance at $419, which has not been broken since May 26. There is a noticeable increase in interest from large investors, the so-called ‘whales’, in the derivatives market. Everything points to preparation for a new surge. Technical indicators also favor the bulls: MACD is already giving a buy signal.
Growing interest in Monero signals the return of bullish sentiment
After an active October rally of Zcash (ZEC), investors’ attention has switched back to Monero. According to CryptoQuant, there is a surge of large whale orders in XMR futures, which has already led to overheated volumes. This signals increased risk appetite and expectations of further Monero growth.
Monero derivatives indicators. Source: CryptoQuant
The current situation is also confirmed by CoinGlass data. Over the past 24 hours, open interest in XMR futures increased by 8.09%, reaching $67.06 million. At the same time, the long-to-short ratio shifted in favor of the bulls, rising to 55.79% by Friday.
XMR long-to-short ratio chart. Source: CoinGlass
Optimism in the derivatives market may support further Monero recovery.
Monero rally hits monthly resistance
Monero is confidently holding above $400 and is showing its third consecutive day of growth this week. The main goal now is to consolidate above the $419 level recorded on May 26. There were already two attempts to break this resistance in early November, but both failed.
If today’s close is above $419, it will be the best result for XMR this year and could open the way to the next target at $471, the high from November 9.
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The recovery of Monero is gaining strength, the relative strength index (RSI) has reached 62 on the daily chart and continues to move upward. Since there is still room before the overbought zone, there is potential for further growth.
An additional bullish signal is also given by the MACD. The indicator lines have crossed upwards, reinforcing signs of an uptrend.
XMR/USDT daily price chart
If Monero again fails to hold above $419 and turns downward, the price may fall below $400 and test support at $372, recorded on June 3.
