It appears the downward trend for Monero is not over just yet. With the value taking a hit in both the USD and BTC markets, XMR may dip well below US$12 by tomorrow evening. Right now, the currency holds on to this mark, although bitcoin seems to prepare for another bullish run in the next few hours.
Monero Continues Its Downward Spiral
It is not difficult to see things are not looking all that great for Monero right now. The currency’s value has declined for several days in a row now. Earlier today, one XMR was worth just US$10. 75, although things have picked up again ever since. Right now, Monero is trading at US$12.04 per coin, although that price seems unsustainable in the long run.
Volatility in the Monero market creates opportunities for traders and speculators. In most cases, it is only a matter of time until a volatile currency starts to see a significant value retrace. For Monero, that retrace has already begun and it is far from over by the look of things. It is expected XMR will dip to US$11 before Wednesday, although it remains to be seen if that will be its lowest point.
With Kraken being the largest USD trading market, things are not looking great for XMR by any means. Poloniex has been the dominant market for several months now, yet it generated barely over half Kraken’s 24-hour USD volume. It is unclear why this change took place, though. Then again, Poloniex has always been a Bitco in trading market first and foremost, even though the platform supports various fiat currencies as well.
On the Bitcoin front, things look even worse for Monero. With a 2.78% decline over the past 24 hours, the XMR value will dip below 0.01 BTC soon enough. It is evident Monero can’t maintain its position against bitcoin right now, which means things can turn a darker shade of red on the trading charts next week. Poloniex is still generating a lot of BTC volume for XMR, yet the total amount has dropped off by quite a margin. Investors are bailing on Monero, that much is certain.
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