Monero holders will be dealing with a mix of emotions right now. On the one hand, the value per XMR did not drop further, even though it certainly could have. Then again, the value per XMR has not increased by much either. In the end, XMR successfully gained 0.86% in USD value, although that isn’t helping many people right now.
Monero Is Still Holding On, For Now
It is always difficult to determine what will happen to the price of specific currencies moving forward. A lot of people rely on technical analysis by looking at past patterns, although those are not always the best indicators either. For Monero, it looks Ike the fight between bears and bulls is far from over, as neither side successfully achieved anything the past 24 hours.
To put this into perspective, there has been a little bit of price range action, though. Monero fluctuated between US$20.2 and US$23 overnight, indicating there is a bigger chance for upside potential right now. This ongoing battle resulted in a 0.86% value gain, although the end result could have been much better. Then again, a lot of traders remain glued to the bitcoin price, which seems to be going through similar fluctuations right now.
One thing every Monero holder should be concerned about right now is how the USD trading volume is dropping off in spectacular fashion. The past 24 hours saw just over US$613,000 worth of XMR change hands. It is the first time in quite a while the USD trading volume for Monero drops below the US$1m mark. The previously established uptrend in the fiat markets is wiped out altogether now, with the Euro traders bringing in less than 165,000 EUR as well.
Luckily for Monero, the Bitcoin market remains its main supplier of fresh trading capital. Considering how XMR lost 0.73% in value against bitcoin, things are not looking too hot there either. It would appear there is less interest from bitcoin traders to buy Monero as well, as the volume is dropping quite low. Without Poloniex, the XMR/BTC trading volume would be down to below 1,000 bitcoin all of a sudden.
Header image courtesy of Shutterstock