New Wallet Opens 5x Long on Monero for $1.77 Million

A new wallet opened a large long position on Monero (XMR) with 5x leverage amid a price drop below $600. The trader created a new wallet and deposited 4 million USDC on Hyperliquid, then opened a long position on 3,000 XMR worth approximately $1.77 million. XMR is currently trading around $590, which is below the recent high of approximately $657. The peak was quickly rejected, and since then, the price has been moving in a range between $580 and $620. The last few daily candles have been red, with the last one closing below $600—a level that buyers had held for several days. Nevertheless, the overall picture still favors the bulls.

XMR rose from around $320 in July to nearly double that value. All major moving averages are rising and are below the price. The nearest support is around $577, followed by a cluster in the range of 552–557. Deeper support is located around $505 and $453, where the long moving averages are trending upwards. Trading volume shows a mixed picture: buying volume was significant during the rise to $620 but has decreased during the recent drop. Low volume during a pullback usually indicates a normal pause rather than a full reversal. The Relative Strength Index (RSI) is around 55, which is below the overheated levels seen in September. This means the market has cooled without weakening, and there is room for another upward move before reaching the overbought zone.

This trade is significant because a 5x leveraged position is risky. With a deposit of 4 million USDC and a position size of only about $1.77 million, the trader has a good margin buffer, making the liquidation price significantly lower than the current market. This indicates that the trader plans to hold the position through volatility rather than betting on a quick rebound. Large new wallets like this often attract attention as they can signal confidence from a major player. However, one trade does not determine price direction. Large holders can be wrong and quickly close positions.

The first thing to watch is the $577 zone. If XMR holds there and returns above $600, the uptrend remains intact, and another test of 620–660 becomes likely. If the price breaks $577, the next logical zone is $552. For now, Monero remains in a strong uptrend taking a short pause. The large player's long position complements the bullish picture, but the price needs to reclaim $600 to confirm that buyers are back in control.