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A lot has changed for Monero over the past few days, even though the altcoin is not in the clear just yet. With a value increase to US$12,52 at the time of writing, XMR is looking a lot better than on Friday. However, there is still a decline on the charts, and with Bitcoin’s value dropping as well, Monero may see its price dip below US$12 over the next few hours.
Monero Surges Briefly Before Dwindling
It is difficult for most altcoins to gain any form of traction in the markets right now. There is a lot of focus and Bitcoin, which has remained rather stable over the past few weeks. That said, the current Bitcoin price trend looks rather bearish, which means any linked altcoins will suffer a similar fate. Unfortunately, this does not bode well for Monero, as a 2.5% decline is already visible on the charts right now.
At the same time, one XMR was valued well above US$13 less than 24 hours ago. This sudden upward price momentum was made possible due to very low trading volumes across all exchanges. It seems this Monero “pump” ran out of steam rather quickly, as a sharp retrace has occurred over the past few hours. In fact, the currency lost US$0.70 – or about 6% – of its value since this morning. This occurred well before Bitcoin’s price started sliding down the charts.
To make matters worse, the USD trading volume for Monero has dried up even further. Poloniex and Bitfinex generate nearly the same amount of volume right now, which doesn’t bode well for this altcoin. Kraken’s XMR volume has dwindled to just over 100 XMR in the past 24 hours, indicating fiat currency traders have no interest in this privacy-centric altcoin right now.
Things are not looking all that great in the XMR/BTC department either. The brief XMR pump is visible on the chart, yet it failed to sustain the price level of 0.0142 BTC for longer than a few hours. A sharp retrace is the logical next step, and Monero may go well below 0.0135 BTC in the coming hours. For now, XMR holds steady at 0.01373 BTC, resulting in a 1.2% loss over the past 24 hours. All markets are seeing less trading volume today, though, which means the markets could evolve in either direction.
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