Key takeaways
XMR is trading above $380 on Friday, after over 3% rebound from the 200-day EMA on the previous day.
The positive derivatives data could push XMR’s price above $400.
Monero (XMR) is trading around $380 on Friday, showing a mild retracement after a 3% gain the previous day. The privacy coin is steadily regaining demand in the derivatives market, as traders anticipate further upside amid a broader market risk-on phase
Monero derivatives signal strong retail sentiment
Monero has continued its recovery since the early February sell-off, with growing retail demand for its derivatives.
According to CoinGlass data, the XMR futures Open Interest (OI) has risen to $139.39 million, up from $109.94 million on February 7, reflecting renewed investor confidence.
Furthermore, the OI-weighted funding rate remains positive at 0.0093%, indicating a persistent preference for holding long positions at a premium.
The positive derivatives data indicate that buyers are starting to enter the Monero market. This could push XMR’s price higher in the near to medium term.
Technical outlook: Can Monero surge to $400?
The XMR/USD 4-hour chart is bearish and efficient, but the structure could flip bullish if Monero continues with 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 reveals a rising channel pattern, signaling a constructive market structure. The Relative Strength Index (RSI) at 61 and a positive Moving Average Convergence Divergence (MACD) above its signal line support sustained upside momentum.
On the upside, immediate resistance is at $400, aligning with the Inducement Liquidity (ILQ) created on February 4. A breakout above this level could push Monero towards the 50% retracement level at $470, above the 4-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 deeper pullback below the rising support trendline at $330 would signal a more significant shift in the current constructive outlook.
