Monero successfully managed to hold onto its price point at the US$10.3 mark, even though it seemed likely XMR would dip well below US$10 last night. Although things are kept afloat, for now, there is a lot of selling pressure across all exchanges. Even the slightly increasing Bitcoin value is not doing much to improve the XMR price in USD value, as it is currently valued at US$10.34.Things continue to look bearish for Monero, both in the USD and BTC market.
Monero Remains on The Brink of Giving Way
Glancing at the trading charts for XMR, it is easy to spot there is a lot of selling going on as of late. All of the dips are met with buy orders, but this train does not sustainable in the long run. Even in the XMR/BTC market, Monero has been losing a fair bit of ground over the past week. So far, XMR has not dipped below 0.012 BTC just yet, but if this pressure continues to mount, that may only be a matter of time.
USD Traders have been showing a similar bearish approach to Monero as of late.Mounting selling pressure is building, as it prevented XMR from going too far above US$10.7 a few hours ago. In fact, speculators started dumping Monero on the exchanges, driving its price back to just below US$10.4. Despite some smaller uptrends ever since one XMR is now traded at around US$10.3.
It remains difficult to explain why this downward trend is affecting Monero, of all altcoins. Other major outcomes, such as DASH and Ethereum, are seeing a positive market response despite Bitcoin reclaiming some of its recently lost momentum. Monero is proving to be a very different creature in this regard, as it seems traders are more than happy to earn pennies on the dollar whenever they can. A very peculiar trend that has been visible on the charts for more than a week now.
Despite a healthy amount of USD trading volume yesterday, Monero was unable to make up any lost ground. It seems the XMR price and its trading volume are not necessarily related to one another right now. That said, only 22,458.25 XMR changed hands in the USD market yesterday, which can be seen as a disappointing number. Today will be a slow day with even less volume, by the look of things, which may herald another XMR price drop in the next week.
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