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Monero Faces Potential Decline Amid Stabilization Above $500
AI Summary
Monero (XMR) has stabilized above the $500 support level following a sharp decline from its recent all-time high. According to NS3.AI, there are rising concerns about further declines. Derivatives data indicate a nearly 20% drop in open interest, suggesting a decrease in trader confidence, despite a positive funding rate that reflects some ongoing bullish sentiment. Technical indicators, such as a negative Chaikin Money Flow, suggest potential sustained outflows and a risk of liquidation below $500, which could push the price toward $450. However, a bullish reversal is possible if buying momentum returns.#XMR #Chaikin
AI Summary
Monero (XMR) has stabilized above the $500 support level following a sharp decline from its recent all-time high. According to NS3.AI, there are rising concerns about further declines. Derivatives data indicate a nearly 20% drop in open interest, suggesting a decrease in trader confidence, despite a positive funding rate that reflects some ongoing bullish sentiment. Technical indicators, such as a negative Chaikin Money Flow, suggest potential sustained outflows and a risk of liquidation below $500, which could push the price toward $450. However, a bullish reversal is possible if buying momentum returns.#XMR #Chaikin
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