Things continue to evolve in the right direction for Monero, by the look of things. With the price not only holding firm, but also going up steadily, Monero holders will be quite pleased about these recent developments. The recent bitcoin price retrace has not affected the XMR value in a negative way, which is rather surprising to see.
Monero Keeps Going Up Regardless of Bitcoin’s Momentum
Everyone who is holding XMR as part of their cryptocurrency portfolio will be more than happy to keep an eye on the price momentum. Right now, one XMR is worth US$14.29, which is a small bump in the right direction from its previous US$14 price point on Friday. Despite bitcoin’s value going down a bit over the past few days, Monero’s price seems unaffected.
Looking at the Monero price charts, it is interesting to see the value go up in waves. Once a stable floor has been established, the price seems to move upwards slightly before creating a new platform. This “wave’ pattern has been visible for quite some time now, ever since Monero reached US$12 again about a week ago. With steady rises occurring every other day, things are looking quite positive for Monero right now.
One downside is how the USD trading volume is slowly drying up for Monero. That is not a positive sign, considering the currency surpassed US$1m in trading volume not too long ago. While it is evident the weekend is a much quieter trading period for cryptocurrency in general, dropping down to US$330,000 is not positive by any means. Then again, the volume may pick up over the next few days.
Things look far more stable on the bitcoin side of things, where Monero gets most of its support from. That said, only 1,738 BTC worth of Monero has changed hands over the past 24 hours, which is quite low compared to other days. Then again, cryptocurrencies don’t necessarily need a lot of trading volume to remain stable or even gain value. All things considered, things look good for Monero for now, even though this may change sooner rather than later.
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