Monero briefly touches $400 as Hyperliquid whale opens $36M leveraged long
Monero showed a bearish bias on the daily timeframe, but a bullish one on the weekly. Which one will dictate the XMR trend for the next month?
Monero [XMR] saw a 14% increase in Open Interest in the past 24 hours, and the altcoin prices briefly surmounted the $400 psychological level on Sunday, August 9. Since making a local high of $413.5, Monero has been pegged back by 5.6%, trading at $390 at the time of writing.
After making a low of $300.6 on June 30, the privacy token has rebounded by 29.87%, even after accounting for the drawdown in recent trading hours.
Bitcoin [BTC] faced rejection at $65.3k, the 78.6% Fibonacci retracement level based on its 4-hour swing structure. The latest rejection from the $65k-$67k supply zone has led to market-wide losses.
Lookonchain observed that a Monero whale wallet on the decentralized exchange Hyperliquid was positioned long. The wallet has opened a 4x long on XMR worth $36 million, targeting $475-$516 as take-profit targets.
Given the past month’s momentum, will this whale’s trade be proven correct? Here’s what the price action signaled.
The higher timeframe bias for Monero
On the weekly timeframe, XMR has a bullish swing structure. It has been making higher lows since 2024, and its upward momentum accelerated towards the end of that year.
The latest impulse move, from $230 to $800, is what the current weekly structure hinges on. At the time of writing, the privacy token was still within a deep retracement, but has not breached this overarching structure.
The OBV and the MFI signaled a tug-of-war between the bulls and the bears in 2026, with neither side able to gain the upper hand.
Traders’ call to action- Sell
Despite the bullish higher timeframe bias, the latest rally up to $400 presented a problem. In a post on X, crypto intelligence platform Alphractal observed that a main reason behind the move was the overhead short liquidation levels.
If the move turns into a liquidity sweep instead of a bullish breakout, it could spell trouble for the buyers who are trying to trade with the short-term momentum.
Towards the end of June, Monero witnessed a bearish structural shift. The rally since then, up to $400, was another pullback, this time to the upside.
The OBV has been rising in recent weeks. The MFI signaled bullish momentum. Yet, the swing structure on this timeframe favored the sellers.
Moreover, the weekly OBV was weak, and the MFI signaled a lack of strong momentum. This means that another price drop toward $300 or slightly below can not be discounted.
A breakout past the $437 high, alongside increased buying pressure, is needed to shift the daily structure bullishly and establish the next uptrend.
Final Summary
- The Monero rally up to $400 was a pullback, and not relative strength, the daily timeframe swing structure revealed.
- Without sustained, sizeable buying pressure, a bullish breakout past $437 could be difficult.
