Monero (XMR) extends its upward momentum, bulls targeting a four-month high.

As of the time of writing on Thursday, Monero (XMR) is maintaining a green color, trading around the 333 USD mark after a more than 4% increase in the previous session. Derivative data continues to reinforce the optimistic outlook as open contracts (OI) and long positions are both showing an upward trend. At the same time, technical signals indicate that there is still plenty of room for upward movement, with price targets potentially aiming for the zone above 357 USD.

Monero's derivative data shows an optimistic sentiment from traders

The open interest volume (OI) of Monero (XMR) on exchanges has surged from 39.84 million USD on October 1 to 58.61 million USD on October 5 – the highest level since the end of May, before temporarily stabilizing around 55.72 million USD. The increase in open interest indicates that new capital continues to flow into the market, along with increasingly active buying positions, thus providing momentum for the current bullish trend of XMR.

XMR open contract chart | Source: CoinglassData from Coinglass shows that the Long/Short ratio of XMR reached 1.05, approaching the peak level of the month. A ratio above 1 reflects market sentiment leaning towards the scenario of XMR prices continuing to rise, as the majority of traders bet on the upward trend.

Long/Short XMR Ratio Chart | Source: CoinglassMeanwhile, the chart from CryptoQuant shows that the average size of XMR futures contracts is increasing significantly, revealing signs of growing participation from whale investors – a factor that further strengthens the optimistic outlook for this privacy coin.

Average order volume chart of XMR Futures | Source: CryptoQuant## Monero price forecast: XMR bulls targeting four-month peak zone

The price of Monero (XMR) has tested again and found strong support around the 50% Fibonacci retracement level at 288.91 USD on September 29, before bouncing back more than 11% in the past week. As we head into the beginning of this week, the recovery trend continues to be maintained as XMR closed above 333.46 USD on Tuesday, and as of the time of writing on Thursday, this coin is fluctuating around the 333 USD mark.

Daily XMR/USDT Chart | Source: TradingViewIf the bullish trend continues, XMR could extend its upward move towards the peak zone on July 14 at 357.66 USD. Current technical signals are reinforcing this outlook: the RSI on the daily chart is at 64, surpassing the neutral threshold of 50 – indicating that bullish momentum is prevailing, while the MACD has formed a bullish cross( from last week and remains in a positive state.

However, in the short-term adjustment scenario, XMR may retreat to test the support zone around the 61.8% Fibonacci retracement level at 302.57 USD.

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