Monero Price Stuck Below $625 as Leverage Hits Record

The Monero price is consolidating inside a bullish ascending channel. Repeated rejections near the channel top have cooled buying momentum. Open interest in XMR derivatives has hit a record, according to Coinglass data. The last comparable leverage build-up came before a steep January sell-off. Monero (XMR) is trading near $596 on the daily chart, holding inside an ascending channel that has guided its rally since early September, while derivatives data shows that open interest in XMR futures and perpetual contracts has risen to the highest level in the token’s history.