According to reports from AMBCrypto and Lookonchain, a Monero whale wallet on decentralized exchange Hyperliquid opened a 4x long position worth $36 million, targeting $475-$516 as take-profit levels. The privacy token briefly surpassed the $400 psychological level on Sunday, August 9, representing a 14% increase in Open Interest over the past 24 hours. However, Monero has since retreated 5.6% from its high of $413.5, currently trading at $390. Since hitting a low of $300.6 on June 30, the cryptocurrency has rebounded by 29.87% despite recent drawdowns.
As reported by AMBCrypto, Monero shows conflicting signals across different timeframes. On the weekly timeframe, XMR maintains a bullish swing structure with higher lows since 2024, with the latest impulse move from $230 to $800 forming the current overarching structure. However, the daily timeframe reveals a bearish bias, with the latest rally to $400 attributed to overhead short liquidation levels rather than genuine bullish momentum. The OBV and MFI indicators show a tug-of-war between bulls and bears, with neither side gaining clear dominance in 2026. Despite the bullish higher timeframe bias, the latest rally up to $400 presents challenges as it may be a liquidity sweep rather than a genuine breakout.
According to AMBCrypto, Bitcoin faced rejection at the $65.3k level, the 78.6% Fibonacci retracement based on its 4-hour swing structure, leading to market-wide losses. The latest rejection from the $65k-$67k supply zone has contributed to the current market weakness. Despite the bullish weekly structure, traders on crypto intelligence platform Alphractal warn that the $400 rally represents a pullback rather than genuine strength, with the daily swing structure favoring sellers. A breakout past the $437 high with increased buying pressure would be needed to shift the daily structure bullishly and establish the next uptrend. The weekly OBV remains weak, and the MFI signals lack of strong momentum, meaning another price drop toward $300 or slightly below cannot be discounted.
