CoinInsight360.com logo CoinInsight360.com logo
America's Social Casino

crypto.news 2025-05-28 14:24:17

Monero price tumbles, but indicators point to a rebound

Monero price has suffered a sharp reversal this week, falling for three consecutive days and erasing some of its recent gains. Monero ( XMR ) token dropped to a low of $320.80 on Wednesday, down more than 23% from its highest level this year. It then pared back some losses and was trading near $350 at press time. No specific news appeared to trigger the XMR price drop. The decline was likely driven by profit-taking, as the token had surged over 125% from its yearly low. It’s common for rallying assets to take a breather after extended moves higher. On-chain data suggests Monero may bounce back. According to CoinGlass, investors are still moving tokens from exchanges into self-custody wallets. XMR saw a net outflow of $1.28 million on Wednesday, following outflows of $2.4 million and $1.64 million on the previous two days. XMR exchange inflow and outflow | Source: CoinGlass Monero’s funding rate in the futures market has also jumped to its highest level since May 7. A positive funding rate in perpetual futures indicates that futures prices are trading above spot prices. You might also like: Ethereum price stalls as whales sell $530M coins: can it surge to $4,000? This scenario occurs when long holders pay a funding fee to short holders, signaling elevated demand for long positions. Additional data shows that Monero’s open interest in the futures market is climbing. Open interest reached $54 million on Wednesday, up from $50 million on Tuesday. That’s nearly double this month’s low of $27.8 million, pointing to rising demand from derivatives traders. Monero price technical analysis XMR price chart | Source: crypto.news The daily chart shows that Monero’s path to an all-time high stalled when it jumped to $420 this week. This decline happened because of profit-taking among investors who have benefited from the recent surge. Despite the decline, XMR remains above the 50-day and 100-day exponential moving averages. It is also forming a potential hammer candlestick, characterized by a long lower wick and a small real body—a classic bullish reversal pattern. As such, the coin may rebound and potentially retest its weekly high. A move back to that level would imply a 20% gain from current prices. You might also like: Ethereum price stalls as whales sell $530M coins: can it surge to $4,000?

Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.