Why XMR Price Surging Today – Key Reason Behind It

The post Why XMR Price Surging Today – Key Reason Behind It appeared first on Coinpedia Fintech News

Monero (XMR), known for its focus on privacy and anonymity, has surged nearly 50%, reaching its highest level since May 2021 at $389. Currently priced at $262 , its trading volume has surged by a staggering 363%, reaching $251 million in just 24 hours

So, what’s behind this massive price jump?

Bitcoin Theft Pump XMR Price by 50%

The main reason for this price jump is linked to a suspected Bitcoin theft. Around 3,520 BTC, worth $330.7 million, was stolen and transferred to a specific address.

Shortly after, these stolen Bitcoins were exchanged for Monero, driving a 50% increase in XMR’s price, hitting $389.

Surge in Open Interest Signals Bullish Trend

In addition to this theft-driven boost, Monero’s Open Interest (OI) also reached a new high, showing a rise in market interest. CoinGlass’ data shows that the futures’ OI in XMR at exchanges rose from $20.27 million on Sunday to $22.52 million on Monday.

This growing interest signals new money entering the market, suggesting that more gains could be on the way.

XMR Pump Lead to $1.37 in liquidaiton

This price surge has also led to substantial liquidations across major exchanges. According to Coinglass data, over $1.37 million in liquidations occurred in the last 12 hours, with the majority coming from short positions.

A total of $1.16 million was lost on short positions, while long positions faced $205.88k in liquidations.

More Surge Coming For XMR – Hint Technical Chart

With rising Open Interest, the technical chart shows that Monero is showing promising signs of more price action. It has broken above an ascending triangle formation on the daily chart, rallying over 27%.

If Monero finds support at around $289, it could push toward the next resistance level of $345. If this level is surpassed, the psychological $400 mark could be within reach.

On the other hand, the Relative Strength Index (RSI) on the daily chart is at 82 , which is above the overbought level of 70. Yet some indicators hint that the bullish momentum is still strong, and there’s potential for further price gains.