Monero (XMR) demonstrated strong upside momentum, reclaiming the $500 level and reaching a high of $520. At press time, the altcoin traded around $516, marking an 11% surge on the daily charts alongside a 206% increase in trading volume.
The recent price movement follows the THORChain network upgrade, which introduced native support for Monero swaps against Bitcoin, Ethereum, and stablecoins. The improvement enhances XMR access and liquidity by enabling non-custodial swaps on cross-chain decentralized exchanges, circumventing restrictions often found on centralized exchanges.
Derivatives and Market Activity
Market participation expanded as speculators returned to the asset. According to CoinGlass data, Monero's Open Interest increased by 16% to $304 million, while derivatives volume rose 319% to $325 million. The Long/Short Ratio climbed to 1.08, indicating that a majority of traders held bullish positions.
Momentum and Price Outlook
Technical momentum indicators reflect continued buying pressure:
- Stochastic Momentum Index (SMI): Rose to 60, moving deeper into bullish territory.
- Relative Strength Index (RSI): Reached 80, placing the asset in the overbought zone and signaling strong buyer control.
If current demand holds, market projections indicate XMR could target $527 and potentially $546 in the short term. Conversely, a failed upside attempt could push the price below $500, with $460 serving as a key support level.
