Monero price [XMR] is back near a key level, and it looks like a few hands are trembling.
Things are about to get interesting.
Monero price goes back to $500
The past few weeks have been quite entertaining for the privacy coin, but we’re watching things slow down right now. At the time of writing, XMR was near the $500 mark, after it pulled back from the latest high of $560.
On the daily chart, it seems like buyers are no longer pushing price higher with the same vigour as before. RSI fell to a near-neutral 53 after spending time at much stronger levels. MACD is also weaker, and the histogram fell further into red areas.
Sellers are clearly starting to have more say.
In addition, Aggregated Open Interest was at about $151 million at press time. This is also a concerning drop from the higher numbers earlier this week; traders are closing positions and not buying.
Funding is still positive, though, so more traders leaning long than short.
And that, brings us to the liquidation heatmap.
A key level to decide what comes next
There’s a clear pocket of liquidity at $490-$500, just below where XMR was trading. If Monero price drops to that band, leveraged long positions could start getting wiped out. This would basically add more pressure to sell.
Does that mean XMR is headed for a big crash? Not quite. But with the Monero price already at a slower pace and OI falling, traders would be right to be wary.
If buyers defend the zone, XMR could steady itself. If they don’t, the move lower could get steep quite quickly.
Final Summary
- Monero price is back near $500; pace has slowed, and open interest has fallen too.
- $490-$500 is an important level that could decide whether XMR stabilises or sees a bigger drop.
Credit: Source link
