Monero Price Analysis – Lots of Action But No Major Changes

The Monero charts are not looking all that great right now. Many XMR traders will be disappointed to learn Monero failed to gain any ground these past 24 hours. Instead, the currency lost another 0.33% in value, even though it is still hovering around the US$21 mark. It is expected Monero will dip slightly lower before potentially going back up, though.

A Somewhat Flat Day For Monero Trading

It has to be said, things have not been boring for Monero over the past 24 hours. With the value flopping between US$20.5 and US$23.5, day traders have had plenty of opportunities to make a lot of profit along the way. The past few hours have introduced a downward chart, sending the value per XMR down a bit. Then again, XMR is still trading around the US$21 level, which seems to be a relatively stable support so far.

It is a bit unclear why Monero is not seeing any significant gains – or losses – over the past 24 hours, though. Bitcoin’s value has proven to be very volatile once again, and it is currently heading downward to the US$1,025 mark. When bitcoin loses value, altcoins often start to gain some value. For Monero, that is not the case right now, although things may turn around in the coming hours.

Monero holders will be pleased to hear the USD trading market continues to bring in an average of US$1.5m in trading volume every day. Although things looked better for XMR when there was US$4m of trading volume, US$1.5m is still a very decent amount. The EUR market is slowing down a bit, though, with barely 423,000 EUR in volume over the past day. That is still a respectable number, yet something needs to be done to prop up the numbers once again.

The decline of bitcoin’s value has a positive effect on the XMR/BTC trading pair, though. Right now one XMR is valued at 0.02042 BTC, representing a 7.99% increase compared to 24 hours ago. If Monero can somehow get back to the 0.023 range, things will start to look promising for another leg up on the exchanges. It is not unlikely Monero will get back to the US$23 mark in the coming hours, although that will heavily depend on how the bitcoin price evolves

Header image courtesy of Shutterstock