Looking at XMR's trend, the 720 price level is very likely to become a key high point in the past four years. Currently, the market's 5x leverage long positions are quite substantial. If there is a significant pullback here, the risk will be highly concentrated.

From a historical cycle perspective, four-year cycle tops are often accompanied by leveraged liquidations and large-scale exits by retail investors. Those high-leverage long positions built around the 3-400 price range have almost no buffer space once downward pressure is released.

Interestingly, many traders see this as a signal of a long-term bottom, but they fail to realize that this crowded long structure at high levels is itself the biggest risk. Instead of blindly adding to positions, it's better to first consider where your stop-loss is. If this correction really starts, it might take four years to break through this level again. So, the current choice, to some extent, determines the outcome for a long period ahead.