Monero (XMR) extended its gains on Thursday, trading above $400 after buyers defended a key support zone during the previous session. Improving derivatives data and a constructive technical structure suggest bullish momentum is strengthening. If buyers maintain control, XMR could soon test resistance around $416.45.
CoinGlass data shows growing optimism among Monero derivatives traders. XMR’s long-to-short ratio climbed to 1.3635 on Thursday, its highest level in more than a month. A reading above one means long positions outnumber shorts, indicating that more traders expect the cryptocurrency’s price to rise. Although the elevated ratio reflects bullish positioning, it could also increase liquidation risk if XMR suddenly reverses and highly leveraged traders rush to exit.
Monero’s open interest has increased steadily since the beginning of August. The total value of outstanding derivatives positions across tracked exchanges reached $182.59 million on Thursday. Rising open interest alongside an advancing price typically indicates that new positions are entering the market and supporting the prevailing trend. Monero’s funding rate turned positive on August 7 and increased to 0.010% on Thursday. Positive funding means traders holding long positions are paying those holding shorts, signaling stronger demand for bullish exposure in the perpetual futures market.
The technical structure remains constructive. XMR/USD is trading around $405 at the time of writing, remaining above its major exponential moving averages. The 50-day EMA stands at $356.17, while the 100-day and 200-day EMAs are positioned at $353.92 and $356.97, respectively. The three averages form a dense support zone between approximately $354 and $357. XMR also remains above a rising trendline near $354.18 and intermediate horizontal support at $375.20. The Relative Strength Index remains in the mid-60s, signaling strong buying momentum without moving decisively into overbought territory. The MACD indicator also remains positive.
A separate analysis noted XMR trading around $402.95 after rising 1.17% over 24 hours and 10.32% over seven days, with market capitalization near $7.57 billion. On the four-hour chart, XMR remains above the 20, 50, 100, and 200 EMAs at $392.46, $383.67, $372.88, and $360.18. The token recently reclaimed the $400 psychological level. However, elevated open interest and positive exchange flows increase reversal risks. Resistance sits near $404.39, followed by $416.45, while key support is at $375.20 and the $353.92–$356.97 EMA cluster.
In addition to the bullish market structure, FCMP++ stressnet testing is advancing Monero’s next-generation privacy upgrade, adding a fundamental tailwind to the privacy-focused Layer 1 network. For now, Monero’s price structure and derivatives indicators favor buyers, with $416.45 emerging as the next major test.
