Monero Price Breaks $397 as Bullish Sentiment Surges

Monero's price has been rising, breaking above $397 on Thursday after finding support around its key support zone the previous day.

The strengthening derivatives metrics and a constructive technical outlook suggest momentum is building for XMR, hinting at a further rally. Derivatives data shows bullish sentiment among Monero traders, with CoinGlass' long-to-short ratio reading 1.77 on Thursday, the highest level over a month. This indicates that more traders are betting on a price rise.

The increase in open interest alongside rising prices suggests new long positions entering the market, signaling potential upside. CoinGlass' funding rates metric for XMR flipped positive on August 7, steadily rising to 0.010% on Thursday, indicating a bullish bias among traders.