Monero Slides Toward Key Support as Bearish Signals Build Across Derivatives Market

TL;DR

• Monero (XMR) is under pressure after falling over 9% this week and drifting toward a key trendline support near $349. 

• Derivatives data shows weakening demand, with Binance open interest dropping to $29.01M and a long-to-short ratio of 0.9, signaling bearish sentiment. 

Monero (XMR) is drifting toward a crucial trendline support level on Friday after falling more than 9% over the past week, with traders watching closely for a potential breakdown that could accelerate further losses.

A daily close below this support zone could open the door to additional downside pressure, as weakening derivatives activity and bearish momentum indicators continue to weigh on sentiment.

Derivatives Data Signals Rising Bearish Sentiment

Recent derivatives metrics suggest traders are becoming increasingly cautious on Monero.

Data from CoinGlass shows that XMR futures open interest on Binance dropped to $29.01 million, down from a peak of $35 million on May 21. The decline indicates reduced capital inflows and weakening speculative demand, often a sign that bullish conviction is fading.

At the same time, Monero’s long-to-short ratio sits at 0.9, meaning more traders are positioned for downside than upside. A ratio below 1 typically reflects bearish sentiment in the market, reinforcing expectations of continued pressure on price.

XRM Price Outlook: Technical Indicators Point to Weak Momentum

Monero is currently trading around $355, remaining below the 50-day EMA, 100-day EMA, and 200-day EMA.

These key averages are clustered between roughly $371 and $380, forming a strong resistance zone overhead.

Momentum indicators also remain weak. The Relative Strength Index (RSI) is near 36, suggesting subdued buying strength without yet reaching oversold conditions. 

Meanwhile, the MACD remains below zero, indicating persistent downside momentum despite short-term stabilization attempts.

If XMR attempts a recovery, it faces multiple layers of resistance. The first major resistance stands at $371.06, the 200-day EMA. 

A daily candle close above this level would expose the higher resistance levels at $376.56 and $411.26. 

This dense overhead supply zone suggests any rebound may face strong selling pressure.

However, if the selloff persists, mmediate support is located near the rising trendline around $349.02. Below that, the next key level is $340.14, which coincides with the 23.6% Fibonacci retracement.

A decisive break below these levels could accelerate losses toward the next major support zone at $314.62, signaling a deeper bearish extension.

With weakening open interest, a bearish long-to-short ratio, and price trading below major moving averages, Monero remains under clear short-term pressure. Traders are now focused on whether the $349 support zone can hold—or if a breakdown will trigger a broader sell-off phase.