Monero (XMR) eyes $400 amid positive derivatives data

Key takeaways

• XMR is trading above $380 on Friday, after over 3% rebound from the 200-day EMA on the previous day.
• The positive derivatives data could push XMR’s price above $400. 

Monero (XMR) is trading around $380 on Friday, showing a mild retracement after a 3% gain the previous day. The privacy coin is steadily regaining demand in the derivatives market, as traders anticipate further upside amid a broader market risk-on phase

Monero derivatives signal strong retail sentiment

Monero has continued its recovery since the early February sell-off, with growing retail demand for its derivatives. 

According to CoinGlass data, the XMR futures Open Interest (OI) has risen to $139.39 million, up from $109.94 million on February 7, reflecting renewed investor confidence. 

Furthermore, the OI-weighted funding rate remains positive at 0.0093%, indicating a persistent preference for holding long positions at a premium.

The positive derivatives data indicate tha...