Monero (XMR) has dropped below $400, continuing its decline as the Relative Strength Index (RSI) signals a bearish divergence. This raises concerns about a potential double-top reversal pattern, threatening bullish sentiment in the XMR derivatives market. Open interest has surged to $88.83 million, close to the annual high of $97.98 million, while the weighted funding rate turned positive at 0.0084%, indicating some buyer confidence. Despite the rising open interest, the weakening bullish momentum poses downside risks for XMR. The price has formed a potential second peak near $419, and failure to maintain above $358 could lead to declines towards the 50-day EMA at $344 and the 100-day EMA at $324. The RSI has dropped from overbought levels to 59, suggesting reduced buying pressure. A break above $419 could aim for the November 9 high of $471.
Monero Faces Downside Risk Amid Bearish Divergence
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