It appears as if Monroe has found a level of relatively stable price support for the time being. One XMR is currently trading at US$19.6, which is a small increase compared to yesterday. However, the charts are still very volatile and unpredictable, which may lead to further losses over the coming hours. It is difficult to predict where things will head moving forward.
Monero Seems To be Stable For Now
Glancing back at the charts for Monero, it is somewhat miraculous the altcoin evaded dipping lower in value. The chart looks rather volatile, with an extended period of trading below the US$19.5 mark. In fact, the XMR price hit US$17.3 at one point, although it appears that was due to one seller offloading a bunch of coins all at once. At its peak, XMR reached US$21.54, although that price was not maintained for more than a few seconds either.
It is quite interesting to see how Monero successfully bounced back, though. While the price has been driven down quite a bit, the value eventually bounced back and settled around the US$19.6 mark for the time being. This results in a 2.67% gain over the past 24 hours, which – considering bitcoin’s bullish trend – is very surprising. However, it appears a new downtrend is already establishing itself on the charts, which does not bode well.
Even though most investors and traders are focused on the bitcoin price right now, fiat currency holders still see the merit of buying Monero as well. The USD trading volume dipped just below US$1m, although the difference is not all that big. On the Euro front, volume has picked up, as it now sits above the 375,000 EUR mark once again. That is quite a significant change, considering the bitcoin market has seen an influx of EUR volume as well.
Monero is trying to hold its own against bitcoin as well, even though it is a bit of an uphill battle. Bitcoin is wreaking havoc for all altcoins, yet Monero is one of the very few successfully maintaining its price point over the past few days. Right now, one XMR is valued at 0.0145 BTC, which represents a 0.42% loss over the past 24 hours. For now, there is no reason to believe Monero will drop lower, although anything can happen in the coming hours.
Header image courtesy of Shutterstock