Monero Whale Opens $1.77 Million 5x Long Position as XMR Falls Below $600
A newly created cryptocurrency wallet has opened a leveraged long position in Monero (XMR) worth approximately $1.77 million on Hyperliquid, even as the token’s price fell below $600. The trader deposited 4 million USDC before taking a 5x long position covering 3,000 XMR, according to the reported transaction details.
XMR traded near $590 on October 29, down from approximately $657, as selling pressure kept the cryptocurrency moving between $580 and $620. The latest decline below $600 weakened a previously defended support level, although Monero remains well above its July price of $320.
Monero Price Faces Key Support Levels Below $600
Monero’s technical indicators point to several price levels that traders may watch as the market responds to the recent decline. The nearest identified support is around $577, followed by a potential buying zone between $552 and $557.
If selling pressure intensifies, additional technical reference levels sit at $505 and $453. Longer-term moving averages provide these lower reference points, but the major averages remain upward-sloping and below XMR’s current price, suggesting that its broader technical structure remains bullish despite the recent weakness.
Trading volume has also declined during the pullback, contrasting with stronger buying activity during Monero’s earlier advance toward $620. The Relative Strength Index (RSI) is near 55 after retreating from elevated readings in September. It remains above the neutral level of 50, while XMR is no longer trading in traditionally overbought territory.
Hyperliquid Trader Deposits 4 Million USDC
The whale’s position stands out because the reported 4 million USDC deposit substantially exceeds the approximately $1.77 million leveraged exposure. The additional collateral could provide a buffer against adverse price movements, depending on the account’s margin arrangements and any other open exposures.
However, the deposit alone does not establish how much risk the trader faces or guarantee that the position can withstand a significant decline. The outcome will depend on market movements and the account’s specific margin conditions.
Can Monero Recover $600 and Test $620?
Traders are watching whether XMR can reclaim the $600 level and move toward resistance around $620. A sustained recovery could put the previous price area near $657 back into focus, while a break below $577 would expose lower technical support levels.
The newly opened long position represents a substantial leveraged bet on Monero despite its recent price decline. Whether the trade proves profitable will depend on XMR’s subsequent price action, with the $577 support level and the $600 threshold among the key areas to watch.
Writer: Marcus RenfieldCrypto Market Analyst & Onchain WriterMarcus Renfield covers cryptocurrency markets with a focus on onchain data, Bitcoin price action, and emerging market narratives. His writing examines how capital flows, network activity, and broader market structure influence short- and medium-term trends.He aims to provide clear, data-informed analysis for readers seeking a deeper understanding of crypto market dynamics.