Monero Price Rally Gains Steam as Golden Cross Forms, Open Interest Jumps

Monero price held near $515 on Sept. 12 after one of its strongest rallies this year. XMR had recovered roughly 85% from its Feb. 6 intraday low near $278.

The privacy coin recently reached the $565 area before sellers pushed it lower. However, its broader technical structure remained bullish, while elevated futures activity showed continued speculative interest. CoinGecko placed XMR at about $515, with a market capitalization near $9.68 billion.

The next test centers on whether buyers can reclaim the recent $565 resistance. A successful breakout could bring the psychological $600 level back into focus.

Monero Price Golden Cross Keeps $600 Target in View

The daily timeframe shows that the token has been in a strong rally this year. This rally started after the coin formed a double-bottom pattern at $291, its lowest level in February and June this year. It has already jumped above pattern’s neckline at $447, confirming its outlook.

The Monero price has already formed a golden cross pattern, which occurs when the 50-day and 200-day Exponential Moving Averages (EMAs) cross. This pattern occurred on August 14 this year. In most periods, this pattern normally leads to more gains.

XMR price has remained above the Supertrend and Ichimoku cloud indicators. Therefore, the most likely scenario is that the coin continues to rise, with the next key level to watch at $566, its highest point this year. A move above that level will signal further gains, potentially reaching the $600 resistance level.

Monero is Benefiting From Privacy Coins Demand

The XMR token is doing well as demand for privacy tokens continues rising. This is evidenced by the recent surge of top tokens like Zcash, Nockchain, MinoTari, and Dash. According to CoinGecko, the market capitalization of all privacy tokens has jumped to over $30.3 billion.

Monero is one of the oldest privacy coins in the crypto industry, and for a long time, it was the biggest. Its technology makes it possible for people to send and receive money anonymously.

It uses ring signatures, which ensure that transactions are cryptographically signed using a group of possible inputs. In this, it can verify that someone made the authorized transaction, but it cannot determine who the actual sender was.

Monero also uses stealth addresses, where it generates a one-time destination address for each payment. Additionally, it uses RingCT technology that conceals the transaction amounts.

As a result, Monero has become highly popular among privacy-conscious individuals. It is also common as cybercrime activities

Monero’s Volume and Futures Open Interest are Soaring

Third-party data shows that demand for the XMR token is rising. The 24-hour volume jumped by over 20% in the last 24 hours to over $122 million. This volume has jumped even though Monero is not listed by large companies like Coinbase and Binance. Instead, most of its trading is happening in companies like KuCoin, MEXC, HTX, Bitfinex, and Kraken.

The same growth is happening as the futures open interest continues its strong upward trend. This interest jumped to a record high of over $318 million this week before pulling back to the current $255 million.

Open interest is an important metric that measures the number of outstanding put and call options. In most cases, a high figure is usually a sign that demand for an asset is in a strong upward trend.

In this case, the rising futures open interest has coincided with the positive funding rate, which has remained in the positive zone in the past few weeks. This figure signals that investors are optimistic that the future price will be higher than the current one.

Therefore, these technicals and its fundamentals suggest that the XMR price will likely continue rising in the near term.