‘Long Monero’ Sentiment Hits Levels That Preceded 50% XMR Price Rally

Monero (XMR) has witnessed an overbought correction after more than doubling its valuation in 2025. As of May 28, the privacy-focused cryptocurrency was down by over 23.75% from its year-to-date high of $419.85, established three days prior.

Nonetheless, the correction has failed to dissuade traders from placing speculative bullish bets on XMR. To top that, the upside sentiment is as strong as it was on May 5, which preceded a 50%-plus XMR price rally.

Monero Funding Rates Indicate Bullish Continuation Ahead

As of May 28, Monero’s open interest-weighted funding rate rose to 1.62% on a weekly basis, its highest reading since May 5, according to data tracked by CoinGlass

The positive rate indicates that long-position holders are paying shorts to maintain their trades, a sign that sentiment remains skewed toward further upside despite the ongoing XMR price correction.

At the same time, futures open interest has declined after reaching a 12-month peak of $56.22 million. The drop, aligning with XMR’s price correction, hints at the clearing of excessive leverage from the Monero market.

A similar configuration—elevated funding alongside falling open interest—preceded a 50% rally in XMR earlier this year. That historical parallel hints at further price gains for Monero if the technical and fundamental indicators support the bullish backdrop.

XMR Range-bound Until Further Bias Confirmation

From a technical standpoint, XMR is rebounding from a support confluence involving a Fibonacci retracement level and the 20-period exponential moving average on the 3-day chart.

The price has re-entered the 0.618–0.786 Fibonacci range, which may lead to further consolidation and intra-range trading opportunities inside the $335-400 area.

Maintaining support above this confluence increases the likelihood of XMR continuing its rally toward the 1.0 Fibonacci extension level. Conversely, a break below this support could accelerate a sell-off toward the 50-period exponential moving average on the 3-day chart.

Major exchanges like Binance and Kraken have delisted Monero, citing regulatory compliance concerns, leading to reduced liquidity and wider spreads.

As a result, the market remains volatile and sensitive to large trades due to liquidity fragmentation following exchange delistings.