Monero Price Analysis – Downward Momentum Picks Up Steam

Although things were looking quite good for Monero yesterday, it looks like things are starting to head in the opposite direction once again. In fact, XMR lost nearly 5% of its value over the past 24 hours, partially thanks to bitcoin’s bullish behavior. There is no real reason to panic as a Monero holder just yet, though, as things may turn around again at any given moment.

Another Big Dip For Monero

The past week has not been overly kind to Monero holders by any means. In fact, the popular altcoin has been losing value more often than not, although no one knows exactly why that would be the case. Granted, bitcoin is seeing a continual price increase, but that alone cannot warrant such bearish behavior for Monero. It seems traders are playing with the market right now.

To put this into perspective, XMR has lost 4.83% of its USD value in the past day, dropping the price to US$19.31. That is also the lowest point for XMR in the past 24 hours, whereas the peak was at the US$20.29 mark. It seems there is some opposition from traders who want to keep the price moving upward, but so far, their efforts are seemingly in vain.

Cheaper Monero prices will make it more attractive for traders to invest in XMR, though. The USD trading market has brought in US$627,000 worth of trading volume, which is a very solid number. Traders who prefer to deal with EUR are showing some appreciation for Monero as well right now, though. With over 230,000 EUR in 24-hour volume, things are definitely picking up in that market right now.

Most of the traders keep a close eye on the XMR/BTC market, though, which is not evolving in the right direction by any means. Monero lost 4.30% in value against bitcoin, although the overall trading volume is still holding strong as we speak. For now, it seems Monero is mainly suffering from the current bitcoin bulltrend, which may continue for a few more days, if not weeks. Then again, cryptocurrency is a very unpredictable market, and anything can happen over the coming hours. Anyone who is passionate about Monero will just have to hold on for the wild ride and reevaluate things in a few days from now.

Header image courtesy of Shutterstock

LiveBitcoinNews