Monero (XMR) Eyes $230 Breakout as Bulls Gain Momentum

Monero (XMR) is showing positive price movement, trading at $205.63 after a 4.45% increase in the last 24 hours and a 1.36% gain over the past week. 

Based on Coingecko data, the cryptocurrency’s market capitalization is valued at approximately $3.8 billion.

Key Support And Resistance Levels

XMR has held support near its ascending trendline, with its 24-hour trading range between $190.57 and $208.37 and a 7-day range of $184.84 to $207.70. Per Fibonacci retracement levels, resistance at $230.57 (0.618) remains critical, with stronger resistance expected at $259.64 (1.618) if momentum continues upward.

On the downside, support rests at $202.23, which aligns with the 0.382 Fibonacci retracement level. If this level fails, traders could see further price declines toward the $200 psychological barrier or even $180, as indicated by historical trends. 

These levels are pivotal for determining the next move in XMR’s price trajectory.

Market Indicators Show Cautious Optimism

The Chaikin Money Flow (CMF) indicator is currently at +0.08, reflecting mild buying pressure in the market. This shows ongoing capital inflows, although bulls have not yet fully seized control. 

A breakout above $230, paired with stronger CMF readings, could signal a more decisive upward trend.

Long/short data from Coinglass indicates a 1.20 long-to-short ratio, the highest level in over a month. This suggests that traders are leaning bullish, with more participants expecting Monero’s price to rise. 

On Binance, the long/short ratio is 1.1413, while OKX traders display greater confidence with a ratio of 1.209, reinforcing the market’s optimism.

Open Interest Increases While Volume Declines

Monero’s 24-hour trading volume has dropped by 4.44% to $49.32 million, indicating slightly lower market activity. 

Despite this, open interest has risen by 4.96% to $19.74 million, suggesting that traders are actively opening new positions. This contrast signals that market participants may be preparing for increased volatility.

Liquidation data shows that over the last 24 hours, $92.18K in positions were liquidated. This trend suggests upward price movement has put pressure on short sellers, although higher long liquidations hint at pullbacks during attempted rallies.

Focus On Key Levels

Traders are watching $230 as a critical resistance level that could confirm bullish momentum if broken. Meanwhile, the $202 and $200 support levels remain essential for sustaining current price stability. 

With increasing open interest and a favorable long/short ratio, Monero is positioned for potential movement in either direction.

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