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XMR has fallen nearly 100 dollars in 3 days while the number of open contracts has surged by 20%, which may be a buy the dip signal.
Gate News bot news, based on TradingView data, Monero ( XMR ) fell to $325 on Wednesday, after reaching a peak of $420 on Monday.
Before this fall, XMR had once surged from 165 dollars to 420 dollars within seven weeks, reportedly due to the positive outlook of U.S. regulations and the upcoming FCMP++ upgrade, which will enhance XMR's quantum resistance by providing forward secrecy.
As prices fall, participation in the futures market increases, with data showing that the number of active or open contracts has surged to 161,370 XMR, the highest level since December 20 of last year. Over the past three days, the open positions have increased by 20%. An increase in open contract positions while prices fall is typically interpreted as bearish sentiment, with more traders anticipating further price declines and opening short positions.
However, the situation for XMR is not the same, as its perpetual contract funding rate remains positive, indicating a market bias towards long positions.
Therefore, the increase in XMR open contract positions may represent a "bottom-fishing" mentality—traders going long when prices fall, expecting a quick rebound in prices.
Source: CoinDesk