Monero (XMR) is trading around $380 on Friday after a mild pullback following a 3% gain the day before, as the privacy-focused coin benefits from a broader market “risk-on” mood. Traders are showing renewed appetite for XMR derivatives, a sign that retail participants are increasingly betting on further upside.
Derivatives demand is picking up: XMR futures open interest has climbed to $139.39 million, up from $109.94 million on Feb. 7, according to CoinGlass. The OI‑weighted funding rate remains positive at 0.0093%, indicating that longs are willing to pay a small premium to hold positions. Together, these metrics suggest buyers are re-entering the market and that investor confidence has been rebuilding since the early-February sell-off.
Technical picture — can XMR hit $400? On the 4-hour chart Monero has formed a rising channel and is holding above both the 50‑day EMA ($351) and the 200‑day EMA ($364), which supports a constructive short‑term structure. Momentum indicators are also favorable: the RSI sits around 61 and the MACD is trading above its signal line, both consistent with continued upside.
Immediate resistance sits at $400 — a liquidity area formed on Feb. 4 — and a successful breakout through that level could open the path toward the 50% retracement near $470, clearing the 4‑hour trendline resistance. On the downside, support lies first at the 200‑day EMA ($364), then the 50‑day EMA ($351). A deeper correction below the rising support trendline near $330 would signal a more meaningful shift away from the current bullish bias.
Bottom line: derivatives data and on‑chain momentum point to growing retail conviction in Monero, but technical hurdles around $400 will be key to watch for any sustained move higher.
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