Crypto
Monero Whale Bets Big on $476 Target as Price Touches $400
Monero (XMR) saw a significant price surge on August 9, briefly touching $400 before retreating by 5.6% to trade at $390. This comes after a 14% increase in Open Interest over the past 24 hours.
A whale wallet on Hyperliquid has taken a long position, opening a $36 million leveraged long with take-profit targets of $475-$516. The question remains whether this whale's bet will pay off given Monero's recent momentum.
Looking at the higher timeframe bias for Monero, the weekly chart shows a bullish swing structure with higher lows since 2024 and an upward momentum that accelerated towards the end of last year.