The weekend has not been kind to Monero holders, which comes as a bit of a surprise. With the XMR value dropping below the US$20 mark for the first time in a while, some holders may have panic sold over the past few days. However, a push for upward momentum is becoming visible on the chart, and XMR should break the US$20 mark with relative ease in the coming hours.
XMR Dips Despite Bitcoin Value Retrace
It is evident cryptocurrency traders have taken a more bearish approach when it comes to Monero over the weekend. For the first time in over a week, the value per XMR dropped below the US$20 mark. That is quite a surprising turn of events, a site appears Monero would push past US$21 just a few days ago. It is unclear what brought about this change of heart, although it may only be a temporary retrace.
Looking at the current price charts, it is evident this downward momentum cannot be maintained for an extended period of time. Bitcoin’s value is being contested right now, which means there will be some more funds flowing to altcoins in the coming days.Monero is still a more than viable alternative cryptocurrency, both in terms of future gains as well as a way to hedge against bitcoin volatility.
It looks like fiat currency traders will have to bring some more volume to the market in the coming hours, though. The past 24 hours saw just US$621,500 worth of XMR trading volume, which is substantial, albeit a bit low. On the EUR front, things are looking rather dismal, with just over 90,000 EUR in volume. Considering how a lot of exchanges suffer from USD deposit and withdrawal issues, one would expect the EUR market to grow. Instead, it is shrinking, for some unknown reason.
Monero has lost some value to Bitcoin over the past few days, but it looks like the recovery process is underway as we speak. The past 24 hours resulted in a 0.19% gain for Monero, pushing the price to 0.01611 BTC. We are a long way removed from the 0.0175 BTC mark, but now is a good time for investors to start buying some XMR before the next leg up on the charts. Patience is a virtue for Monero holders right now, as things will improve over the coming days.
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