Monero Price Rises Above $330
Monero (XMR) is trading around $333 as of Thursday. It gained more than 4% the day before. Derivatives data show growing bullish sentiment. Open Interest (OI) and buy bets are increasing. Technical analysis points to possible gains above $357.
Derivatives Data Show Strong Trader Confidence
- Futures Open Interest rose from $39.84 million on October 1 to $58.61 million on October 5.
- This is the highest OI since late May and now holds near $55.72 million.
- Higher OI means more money is entering the market, supporting the price rally.
- The long-to-short ratio for XMR is 1.05, near its monthly high, indicating more traders expect prices to rise.
- Average order sizes in futures are large, showing increased whale investor activity.
Monero Price Outlook: Bulls Eye Four-Month Highs
Monero found support near $288.91 on September 29 and rose over 11% last week. On Tuesday, XMR closed above $333.46 and trades near $333 on Thursday.
If the uptrend continues, XMR could reach the July 14 high of $357.66. The Relative Strength Index (RSI) is 64, signaling growing bullish momentum. The Moving Average Convergence Divergence (MACD) shows a bullish crossover that remains active.
On the downside, a correction could push XMR down to the 61.8% Fibonacci retracement level at $302.57.
