Monero (XMR), known as a privacy coin, surged nearly 50%, recording its highest price since May 2021 at $389. The current trading price is $262, with a 24-hour trading volume increasing by 363% to $251 million.
The main reason for this sharp increase is related to a suspicious Bitcoin theft. After approximately 3,520 Bitcoins (about 33 billion won) were stolen to a specific address and converted to Monero, the XMR price rose 50% to $389.
Cryptocurrency analyst ZachXBT tweeted, "A suspicious transaction of 3,520 Bitcoins (33 billion won) occurred 9 hours ago, and after being converted to Monero through more than 6 exchanges, the price sharply increased."
Additionally, Monero's futures open interest also showed an upward trend. According to CoinGlass data, the XMR futures open interest on exchanges increased from $20.27 million on Sunday to $22.52 million on Monday, suggesting new funds are flowing into the market.
This price surge also led to large-scale liquidations on major exchanges. CoinGlass data shows that $1.37 million in liquidations occurred in the past 12 hours, with short position liquidations at $1.16 million and long position liquidations at $205,880.
From a technical analysis perspective, Monero broke through an ascending triangle pattern on the daily chart, rising more than 27%. If it secures support at the $289 level, it may potentially break through the $345 resistance and reach $400.
While the daily chart's Relative Strength Index (RSI) is at 82, exceeding the overbought level of 70, multiple indicators suggest that the upward momentum remains strong, indicating potential for further increases.
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