Monero Price Nears $430 After Recent Gains
Monero (XMR) is trading close to $430 on Wednesday. This follows a 5% price increase on Tuesday. The privacy coin is gaining interest from retail traders. Open Interest and long positions have both increased recently. However, the technical outlook remains mixed as XMR approaches a key resistance level at $439.
Growing Bullish Sentiment in Monero Futures
Data from CoinGlass shows that XMR futures Open Interest (OI) rose to $78.61 million from $68.15 million on Tuesday. This shows that traders are increasing their exposure to Monero derivatives, both longs and shorts.
- The OI-weighted funding rate is 0.0118%, indicating more buyers willing to pay a premium for long positions.
- The long-to-short ratio increased to 52.94% from 47.99% on Sunday, signaling a rise in long positions.
Monero’s Momentum Builds Near Key Resistance Level
Since hitting a low of $360 on December 8, Monero has steadily climbed toward the $439 resistance. This level has capped XMR’s rise twice since mid-November. If the coin breaks above $439, it may continue to the November 9 high of $471.
Technical indicators support this momentum:
- The Relative Strength Index (RSI) is at 61 and rising, leaving room for growth before overbought levels.
- The Moving Average Convergence Divergence (MACD) crossed above its signal line on Tuesday, showing bullish momentum.
If Monero falls below $400, it might test the 50-day Exponential Moving Average at $383.
