Monero (XMR), although it was one of the prominent names between privacy -oriented crypto currencies, experienced a harsh decline over 22 percent in the last 72 hours and went down to $ 325 in the early hours of Wednesday from the $ 420 summit on Monday. In the same period, the number of open positions in the futures market climbed to 161 370 XMR and reached the highest level since the end of December. The fact that the funding rates are still positive in permanent term transactions implies that investors see the withdrawal as an opportunity to “grab a share from the market”. The price shock was recorded as the first major correction after the rally extending from $ 165 to $ 420 in seven weeks.
Despite the harsh price decrease in Monero, demand increases
According to market observers, the wick of the decline fired short -term profit sales with global macro uncertainties. However, at the same time, the open position volume on the futures side increased by 20 percent, showing that fresh lectern capital has entered the market. Traditionally, this increase, which was read as a “exposure pressure print” sign, turned into a different picture of Monero; Because the weight of the process books in favor of long positions attributed the decline to the opportunity.
Another driving force is the technical expectations on the network side. The FCMP ++ update, which is planned to be activated in the coming weeks, will strengthen the long -term privacy by expanding the quantum -resistant signature scheme of the protocol. Combined with positive regulation signals against Monero in the USA, these technical innovations accelerated the price during the rally. It is seen that investors protect the argument of the “safe port” argument despite the harsh decline and do not hesitate to enlarge their positions.
Positive funding rate in Monero reflects investor confidence
Funding rates continue to remain positive in eight hours, while the long position traders undertake short -term transport costs. This table points out that the majority believes that prices will be recovered. The aggressive of leveraged traders while the Spot decreases in the market means that volatility in the short term may increase.
On the technical front, the $ 300 region is monitored as psychological support; There is a risk of triggering short -term stop orders under this place. On the other hand, the over -chain data shows that the average balance per wallet is slightly increased and the strategy of the “price falls” strategy comes into play. The net news from the regulation front and the smooth implementation of FCMP ++ stand on the table as triggers who can start a second rally in the price of Monero.
Responsibility Rejection: The information contained in this article does not contain investment advice. Investors should be aware that crypto currencies carry high volatility and thus risk and carry out their operations in line with their own research.
