Monero Price Analysis – Fiat Currency Traders Are Accumulating

Weekends are often the most boring periods in cryptocurrency trading, and this weekend is no exception in that regard. For Monero the weekend has not been all that great, as the popular altcoin lost over 2% of its value. Considering how the bitcoin price is down as well, that trend is rather surprising. Then again, things should pick up again tomorrow during the day.

Monero Dips A Bit During Accumulation

As was to be expected, there is a bit of accumulation going on in the Monero market right now. After the price gains earlier this week, it is only normal to see a slight retrace so people can buy back in a bit cheaper. Traders and speculators don’t want to miss out on the next leg up for Monero, and it appears the value will surpass US$22 once again in the coming 48-72 hours.

That being said, the 2% decline is not something to be concerned about by any means. XMR is still valued at US$20.77, which is not too far from the critical US$21 support level. Since there is less volume on exchanges during the weekend – especially with the Easter holiday – it won’t take much effort to push prices back up again. Considering how Monero has become a rather popular cryptocurrency among traders, that process should yield some positive results.

It is rather interesting to note the USD trading volume has picked up again over the weekend. With US$456,000 and 291,000 EUR in volume over the past 24 hours, it is not hard to see how a lot of people are seemingly buying a fair share of XMR before the price goes up once again. Moreover, this further confirms the trend of bitcoin no longer being the only cryptocurrency seeing significant fiat currency volume.

Speaking of bitcoin, Monero is losing a bit of ground against BTC as well. A 2.22% loss has been recorded over the past 24 hours, although that is not surprising. A lot of altcoins are seeing their temporary pump-and-dump schemes, which means there is less BTC capital to go around for regular trades. Trading volumes will return to normal come tomorrow, which should result in XMR returning to the 0,018 BTC mark or higher.

Header image courtesy of Shutterstock