Monero Slips to $590 After Whale Opens Leveraged Long
Key Summary
Monero dropped 3.2% to trade at $590 on Tuesday morning following blockchain transaction data showing a fresh whale wallet deposited 4,000,000 USDC into Hyperliquid to open a 5x long position on 3,000 XMR valued at $1,770,000. On-chain records indicate the account holds substantial reserve margin to absorb near-term spot volatility. Technical charts show the daily RSI cooled to 55.20 after sellers pushed prices down from $657 earlier in the week. Meanwhile, network computing power remains near 7.12 GH/s according to recent mining pool statistics.
Key Bullets
- Monero slid 3.2% to $590 Tuesday morning after blockchain records confirmed a new wallet deposited 4,000,000 USDC into Hyperliquid.
- On-chain transaction data monitored on active exchange feeds confirm the trader opened a 5x long contract on 3,000 XMR valued at $1,770,000.
- Network hashrate data recorded earlier in the week showed computing power hovering near 7.12 GH/s across decentralized mining pools.
- Daily RSI readings retreated to 55.20 from overheated levels registered in September as buying volume dropped across spot markets.
Whale Opens Leveraged Position on Hyperliquid
Monero slid 3.2% to $590 Tuesday morning after blockchain transaction records confirmed a fresh wallet deposited 4,000,000 USDC into Hyperliquid to open a leveraged position. On-chain monitoring tools showed the account left millions in reserve margin to protect against sudden price swings. Liquidation risk remains distant on the order book.
The whale plans to absorb near-term volatility without immediate margin calls. Trading desks are tracking immediate spot support at $577. A break below that order book cluster exposes bids sitting near $552.
Support Levels Test Following Price Rejection
XMR broke below the $600 threshold after spot buyers failed to defend daily closing prices monitored on major exchange feeds. Sellers pushed the asset down from a recent high of $657 recorded earlier in the week. Spot volume dried up quickly.
The daily RSI retreated to 55.20 from overheated territory registered in September. Market data feeds confirm buying volume dropped during the recent price pullback across active spot pairs. Buyers need to reclaim $600.
Mining Concentration Nears Historic Network Highs
Network computing power stood near 7.12 GH/s according to mining pool data recorded earlier in the month. Three major mining pools controlled approximately 60% of that total hash rate distribution. SupportXMR, Nanopool, and Kryptex commanded the lion's share.
This high degree of pool centralization persists despite network rewards increasing over the past year. Hashrate metrics remain elevated. Mining pools dictate block propagation.
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