Monero (XMR) spiked 16.6% on June 11 after a large USDT deposit triggered a flurry of buy orders, pushing the price to about $390 before it fell back to the $350 range. analysts say the surge was a short‑term correction, not a reversal of the longer‑term downtrend that has dominated the token since early 2023.

120.2 million USDT deposit fuels $426 intraday high

According to the source, a single entity moved 120.2 million USDT into a TRON address and then split the funds into a series of Monero purchases . the coordinated buying pressure lifted XMR to a brief intraday peak of $426 on Friday, though the token closed the session at $353 and later traded near $347.

Daily chart breaks 78.6% Fibonacci retracement at $352

Technical analysis shows the price fell below the key 78.6% Fibonacci level around $352, eroding much of the bullish swing that once carried XMR from $230.2 to $800. The source notes that this breach signals the rally was more of a corrective bounce than a sustainable upside move.

Four‑hour swing structure still negative, next support at $292

On the four‑hour timeframe, a swing‑structure break preceded the $426 rally, but the subsequent shift turned bearish again. Analysts project the next major support zones at $292 , with a deeper test around $252 if the decline persists.

Break above $437 required for bullish swing re‑establishment

For the four‑hour chart to confirm a bullish reversal, price would need to break and hold above $437, a level that would rebuild the swing structure and potentially restart the uptrend, according to the technical outlook.

Who orchestrated the USDT‑to‑XMR flow?

The source identifies the deposit as coming from an “exploit‑related address,” but the ultimate origin of the funds remains unclear. No public statement has been made by the entity behind the move,leaving market participants to wonder whether similar large‑scale deposits could reappear.