Monero Price Rises Above $314
Monero (XMR) price is recovering and trading above $314 on Monday. It found strong support last week at a key level. On-chain and derivatives data show positive signs. Weekly trading volume reached a yearly high. Funding rates have turned positive, supporting a bullish outlook. The daily chart suggests more gains, with bulls targeting prices above $350.
Funding Rates and Trading Volume Signal Bullish Trend
Data from CoinGlass shows fewer traders expect Monero’s price to fall. The funding rate is now positive at 0.016%, meaning longs pay shorts. Historically, a shift from negative to positive funding rates has led to sharp price rises.
Artemis terminal reports that weekly trading volume on the XMR chain hit $1.4 billion last week. This is the highest volume this year and has been rising since early September. Increased volume shows growing trader interest and better liquidity, boosting Monero’s outlook.
Monero Price Forecast: Bulls Target $357
Monero price dropped over 14% on Friday after hitting resistance near $348.30. It found support at $278.75 and then bounced back. Over the weekend, XMR gained nearly 4%. On Monday, it rose another 3.3% above $314.
If the recovery continues, Monero could reach the July 14 high of $357.66. The daily Relative Strength Index (RSI) is 53, above the neutral 50, showing bullish momentum.
If the price falls, it may drop to the 61.8% Fibonacci retracement level at $303.49. This level is based on the move from the August low of $231 to the October 9 high of $348.30.
