Required containers
- XMR is trading above $380 on Friday, after a 3% retracement from the 200-day EMA the previous day.
- A positive trend could push the price of XMR above $400.
Monero (XMR) is trading around $380 on Friday, showing a slight recovery after gaining 3% the previous day. Private equity is also growing slowly in the emerging market, as investors hope that interest rates will improve amid heightened market risk.
Derivatives from Monero show a strong selling point
Monero continues to recover from early February sales, with the growth of sales of its derivatives.
According to CoinGlass dataXMR futures Open Interest (OI) has risen to $139.39 million, from $109.94 million on February 7, reflecting new investor confidence.
Also, OI-weighted funds remain positive at 0.0093%, indicating a continued preference for long positions in value.
Sources from positive sources indicate that buyers are starting to enter the Monero market. This could cause the price of XMR to skyrocket in the short term.
Technical view: Is Monero headed for $400?
The XMR/USD 4-hour chart is bearish and supportive, but the structure may move if Monero continues its rally.
Currently, XMR is holding above the 50-day Exponential Moving Average (EMA) at $351 and the 200-day EMA at $364.
The 4-hour chart shows a rising trend, which indicates a very positive market. The Relative Strength Index (RSI) at 61 and the Moving Average Convergence Divergence (MACD) above its support line continued.
On the other hand, the long-term resistance is at $400, in line with the Inducement Liquidity (ILQ) formed on February 4. A break above this level could push Monero to a 50% recovery level at $470, above the four-hour TLQ level.
However, if the bears regain control, support is found at the 200-day EMA at $364, followed by the 50-day EMA at $351.
A deep pull below the rising support line at $330 would signal a major reversal in current sentiment.
