Monero Price Falls Below $400
Monero (XMR) traded below $400 on Monday, continuing its decline from Sunday. The coin’s drop may form a double-top pattern, signaling a possible reversal. The Relative Strength Index (RSI) also shows a sell signal. This puts the recent positive trend in Monero’s derivatives market at risk.
Strong Interest Remains in Monero Derivatives
Monero still attracts retail traders as privacy coins perform well overall. Data from CoinGlass shows that XMR futures Open Interest (OI) is near its yearly high. On Monday, OI stood at $88.83 million, close to the $97.98 million peak on November 10. This suggests traders expect a possible recovery.
The funding rate for these futures has recently turned positive at 0.0084%. This change indicates more buyers want to hold long positions in Monero.
Signs of Weaker Bullish Momentum
Monero’s price fell 2% and may test support at $358, near the July 14 high. If it breaks below this level, the price could drop to the 50-day EMA at $344 or the 100-day EMA at $324.
The RSI is falling from an overbought level to 59, showing less buying pressure. It also forms a lower high, which conflicts with the price’s double-top pattern and suggests more losses.
The MACD is nearing a bearish crossover, further pointing to weakening momentum.
However, if Monero rises above $419, it could aim for $471, the high from November 9.
