Anyone who is holding Monero right now is keeping a close eye on the charts. As was to be expected, the period of accumulation has begun before the prices will start to recover. For now, XMR has regained 2% of its value over the past 24 hours, which is a positive development after yesterday’s losses. Slowly but surely, the popular altcoin is starting to recover.
Monero is Starting to Bounce Back
It is now evident Monero has successfully stabilized its position in the altcoin market. Whereas some users may be concerned over how popular Monero may be right now, things are looking a lot better than most cryptocurrency give it credit for. In fact, after the recent price drop, it appears XMR is slowly starting to bounce back already. No one should really be surprised by this development.
It was only a matter of time until XMR started to recover from the brief losses. There was quite a lot of strong buy pressure across the exchanges, and it looks like most whales and investors have accumulated enough funds for the time being. While there is still some sell resistance on the charts, it is expected XMR will return to the US$22 mark over the coming days without too many problems.
Especially the Euro market is starting to make a big difference, by the look of things. With over 601,000 EUR in trading volume over the past 24 hours, the market is getting close to overtaking the USD trading. While that segment brought in US$755,000 in volume, the difference between the two markets is a lot smaller than it has been in recent weeks. It would be quite intriguing to see the EUR market become the second largest for XMR trading, that much is certain.
Monero is starting to recover against Bitcoin as well, although in slightly less spectacular fashion. With a 1,34% gain over the past 24 hours, things are looking quite good. Do keep in mind there will be some volatility on the charts over the coming days, although a return to 0.018 BTC is not out of the question by any means. Monero holders who are confident about the currency should just relax and hold, as things are looking quite positive right now.
Header image courtesy of Shutterstock