What to Know
- A Monero whale deposited four million USDC into Hyperliquid, opening a 5x leveraged position involving 3,000 XMR worth $1.77 million.
- Monero trades near $590, with technical indicators showing support around $577 and $552, while the RSI remains near 55.
- Additional collateral supports the whale’s leveraged position, while reclaiming $600 could strengthen recovery prospects toward the $620 resistance level.
A newly created cryptocurrency wallet has opened a leveraged Monero position worth approximately $1.77 million despite XMR falling below $600. The trader deposited four million USDC into Hyperliquid before opening a 5x long position in 3,000 XMR, adding margin amid declining prices.
Monero traded near $590 on October 29, down from approximately $657, while recent selling pressure kept XMR fluctuating between $580 and $620. The latest close below $600 weakened a previously defended support level, although Monero remains substantially up from its July price of $320.
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Monero Technical Indicators Highlight Important Support Levels
Monero’s technical structure identifies several support levels that could influence price movements following the decline below $600. The nearest support stands around $577, while another buying region extends between $552 and $557.
Further downside levels include $505 and $453, where longer-term moving averages provide additional technical reference points. Significantly, major moving averages remain upward-sloping and sit below XMR’s current price, reflecting its broader bullish structure.
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Trading volume also weakened during the decline, contrasting with stronger buying activity recorded during Monero’s earlier advance toward $620. Meanwhile, the Relative Strength Index stands near 55, having retreated from elevated readings recorded during September. The indicator remains above its neutral threshold of 50, while Monero trades below traditionally overbought conditions.
Whale’s $4 Million Deposit Provides Additional Margin
The Hyperliquid position highlights the trader’s substantial collateral allocation relative to the reported leveraged exposure. With four million USDC deposited against a $1.77 million position, the wallet maintains additional funds beyond its stated exposure.
Available collateral could support the position during adverse movements, depending on margin arrangements and other account exposures. Market participants are monitoring whether XMR can reclaim $600 and challenge resistance around $620.
A successful recovery could bring $657 into consideration, while a breakdown below $577 would expose lower support. Overall, the whale position represents a substantial leveraged bet despite Monero’s recent price weakness.
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