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Monero [XMR] in the derivatives market could see its demand go up, only if…

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Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion Monero [XMR] dropped to its December 2022 lows of $140, clearing all the gains in the past two months.

The retracement followed a sharp plunge of Bitcoin [BTC] to $22,000 amidst the Silvergate bank fallout as its crypto clients like Coinbase suspended business with it.

Read Monero [XMR] Price Prediction 2023-24 Source: XMR/USDT on TradingView XMR hiked 27%, rallying from $147 to $187 in January.

A correction in February cleared part of the gains, and the token dropped to its December lows of $140 on 3 March. However, the Relative Strength Index (RSI) on the three-hour chart hit the oversold territory and rebounded, showing a solid price reversal could continue.

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