Monero is starting to look like one of those coins traders love to underestimate. Despite heavy short interest across major exchanges like Binance and Bybit, the XMR price hasn’t flinched.
In fact, while funding rates turned negative, a clear sign that traders are betting on a drop, XMR quietly climbed from around $305 to over $312. That kind of resilience usually means one thing: the market might be setting up for a surprise.
Part of this new-found popularity is from the upcoming THORChain integration, which could be a game-changer for Monero usability and liquidity.
When it rolls out, users will finally be able to trade Monero directly for tokens like Bitcoin and Ethereum without having to resort to centralized exchanges, something that the private community has been pining for years.
So, while short sellers are piling up, fundamentals are quietly getting stronger. And that’s exactly the kind of backdrop where contrarian rallies tend to happen.
What you'll learn 👉
What the XMR Chart Is Showing
The weekly chart tells a calm but confident story. After holding above the long-term ascending trendline that’s been in place since early 2023, XMR price looks primed for another leg higher. Each bounce off that line has triggered a solid move upward, and this time doesn’t look much different.
The next big resistance sits between $380 and $400, that’s the zone where Monero got rejected twice before. A breakout above it would confirm a massive technical shift and could open the door toward $480 or even higher levels last seen in the 2021 cycle.
On the downside, $300 is the level to watch for support. As long as the price of Monero stays above it, the bullish setup is still intact.
Market Sentiment: Short-Term Pain, Long-Term Opportunity
Funding rate data shows traders are leaning heavily short, expecting Monero’s price to drop. But when the market becomes too one-sided, it often sets up a squeeze, and Monero has done this before. A move back above $340 could easily start forcing short liquidations, pushing price higher in a short burst.
Meanwhile, the THORChain integration adds an entirely new narrative. It gives Monero an on-chain bridge to broader DeFi access, allowing swaps and liquidity pools across ecosystems. That’s not just a technical upgrade, it’s a visibility boost for one of the few truly decentralized and private cryptocurrencies left.
Read Also: Why More Enterprises Could Adopt Hedera (HBAR) Over Ethereum
XMR Short-Term Outlook
If momentum continues to build, Monero price could test the $350–$360 range before the end of October. A clean breakout from there would likely target $400 in the coming weeks.
As long as the broader market stays stable and funding rates remain negative, Monero could be setting up one of Q4’s biggest contrarian moves.
The market is clearly betting against it, but as Monero has shown many times before, that might be exactly why it’s about to surprise everyone.
Subscribe to our YouTube channel for daily crypto updates, market insights, and expert analysis.
