Privacy coin XMR has indeed attracted a lot of attention in this wave of market movement—rising straight from 431 to 695, an increase of over 60%. On the surface, it seems to be a resonance of the privacy coin sector, but a closer look at the order book reveals a different story.

The main players' tactics are actually old tricks: quietly accumulating at low levels, then taking advantage of the sector's heat to rapidly push the price up. Coins with lower liquidity are the easiest to manipulate; just a few tens of millions of funds can push them to absurd heights. When XMR surged from around 670 to 695, details in the order book started to reveal the main players' intentions—suddenly, active buy orders disappeared, replaced by continuous sell orders pouring out. This is not a normal technical pullback; anyone with a bit of experience can see it's a staged profit-taking at high levels.

Looking at the 1-hour MACD chart makes it even clearer—the bearish divergence pattern is very obvious, with the red histogram bars shrinking one by one, indicating that the bullish momentum is clearly waning. Currently, the price is oscillating around 670, seemingly searching for support, but in reality, it's the main players still unloading their positions, buffering before a larger move.

Once the 650 support level is broken, the likely next move is directly toward the 600 range, or even a retest of the 580 level. That said, XMR still has long-term potential; the demand for privacy coins has always existed. However, the game for the big players is always swing trading, not waiting patiently with retail investors. If you're still chasing longs at this point, you're basically helping the main players take their profits back home.