Monero held near $515 on Sept. 12 after posting one of its strongest rallies of the year. XMR had recovered roughly 85% from its Feb. 6 intraday low near $278, representing a gain of nearly 90% from its lowest level this year.

The privacy-focused cryptocurrency recently reached the $565 area before sellers pushed it lower. Its broader technical structure remained bullish, while elevated futures activity pointed to continued speculative interest. CoinGecko placed XMR at approximately $515, with a market capitalization of about $9.68 billion.

The next major test is whether buyers can reclaim the recent resistance near $565. A successful move above that level could put the psychologically significant $600 mark back in focus. Price action around these levels, along with changes in trading volume and futures positioning, will provide the clearest near-term indicators of whether the rally is maintaining momentum.

Golden Cross Keeps $600 Level in View

On the daily chart, Monero has remained in a strong rally this year. The move began after the coin formed a double-bottom pattern at $291, its lowest level in February and June. XMR subsequently moved above the pattern’s neckline at $447, confirming the formation’s outlook.

Monero has also formed a golden cross, a pattern that occurs when the 50-day and 200-day Exponential Moving Averages (EMAs) cross. The pattern appeared on August 14 this year. In most periods, a golden cross is associated with further gains.

XMR has remained above both the Supertrend and Ichimoku cloud indicators. The analysis therefore identifies continued gains as the most likely scenario, with $566—its highest point this year—as the next key level to monitor. A move above that level would signal additional gains and could potentially bring the $600 resistance level into view.

Demand for Privacy Coins Supports XMR

XMR has been performing well as demand for privacy tokens continues to rise. The trend is reflected in recent gains among major privacy-related tokens, including Zcash, Nockchain, MinoTari, and Dash. According to CoinGecko, the combined market capitalization of all privacy tokens has risen above $30.3 billion.

Monero is one of the oldest privacy coins in the cryptocurrency industry and was the largest for a long period. Its technology enables users to send and receive money anonymously.

The network uses ring signatures, which cryptographically sign transactions using a group of possible inputs. This allows the network to verify that an authorized transaction was made without identifying the actual sender. Monero also uses stealth addresses, generating a one-time destination address for each payment, as well as RingCT technology, which conceals transaction amounts.

These features have made Monero popular among privacy-conscious users. The source also states that the cryptocurrency is common in cybercrime activities.

Trading Volume and Futures Open Interest Increase

Third-party data indicates that demand for XMR is rising. The token’s 24-hour trading volume increased by more than 20% over the previous 24 hours to above $122 million. The increase occurred even though Monero is not listed by major companies such as Coinbase and Binance. Instead, much of its trading is taking place on exchanges including KuCoin, MEXC, HTX, Bitfinex, and Kraken.

Futures open interest has followed a similar upward trend. It reached a record high of more than $318 million this week before retreating to approximately $255 million.

Open interest is an important market metric that measures the number of outstanding put and call options. In many cases, a high figure is viewed as a sign of strong demand for an asset. For Monero, the increase in futures open interest has coincided with a positive funding rate that has remained above zero in recent weeks. The funding rate indicates that investors expect the future price to be higher than the current price.

The combination of rising volume, elevated futures positioning, and positive funding gives the rally a broader market-activity backdrop, but these indicators also make the $565-$566 area an important point to watch. A failure to regain that zone would leave the recent pullback as the latest development, while a break above it would bring the article’s $600 technical level back into focus.

The technical indicators and underlying factors cited in the analysis point to the possibility of further near-term gains for XMR. The original report was published by The Market Periodical.