Very little has changed for Monero in the areas that matter. The price continues to hover around the US$20 mark, and it is expected this trend will continue for quite some time to come. Bitcoin’s bullish run continues to this date, yet Monero successfully holds its ground so far. Future gains for XMR are not out of the question, although maintaining the US$20 mark is the best course of action for now.
XMR Finds Critical Support Around US$20
Although most XMR holders would like nothing more than to see prices spike up to US$25 and beyond, that does not appear to be a feasible course of action right now. In fact, Monero is holding its own quite well despite bitcoin’s price gains, which is a moral victory in its own right. There is no reason for XMR holders to get greedy now, as a firm support line needs to established first.
So far, it appears the US$20 mark will be that support for the foreseeable future. The past 24 hours saw the value of XMR fluctuated between US$19.49 and US$20.53, before eventually settling for US$20 at the time of writing. It is good to see this popular altcoin maintain its value regardless of what is happening to bitcoin or other altcoins. Slowly but surely, Monero is cementing its position in the cryptocurrency ecosystem.
Fiat currency traders are playing their part in keeping the XMR price stable for the time being. A total of US$990,000 and 301,878 EUR has changed hands in the Monero market these past 24 hours. It is evident fiat currency trading will always be second-rate compared to the bitcoin market for Monero, but USD and EUR trading volumes are still valuable. The only major fiat currency showing little interest in Monero trading is the Chinese Yuan.
Monero is doing fairly well on the bitcoin front as well, despite a near 5% loss over the past 24 hours. XMR is traded at a value of 0.01776 BTC right now, which is still a strong value despite bitcoin’s value increase. Poloniex’ s brief outages last night disrupted trading somewhat, yet the overall effect on the XMR price has been kept to a minimum. It is possible Monero may lose some ground against BTC in the coming hours, but overall, things are looking quite positive.
Header image courtesy of Shutterstock