The past 24 hours have brought more of the same positive momentum for Monero even though very little has changed in terms of value. One XMR is still valued at US$22 and change, indicating the new price point has become a solid level of support. There has been a minor retrace over the past 24 hours, yet things are starting to head in the right direction once again.
All is Peaceful On The Monero Front
Everyone who owns XMR as part of their cryptocurrency portfolio will be more than happy with the way things are playing out right now. With Monero successfully maintaining the price point of US$22 and above per XMR, it is evident there is a lot of solid support on the charts as of right now. There is no reason to think this situation will change anytime soon either, as there is sufficient buy support to keep up this price point.
That being said, it appears some investors took a bit of profit earlier today. The price per XMR took a sharp dip to US$20.98 over the past 24 hours, although things rebounded rather quickly. That is a positive development for Monero itself, indicating the demand for this cryptocurrency is on par with the desire to sell. Other popular currencies, such as Dash and Ethereum, are far more volatile over these past few days, whereas Monero remains remarkably stable.
Even though things are looking quite positive for Monero overall, the fiat currency trading markets are not doing too well right now. In the USD department, there was under US$400, 00 worth of trading volume. The EUR market didn’t fare much better, with under 100,000 EUR in volume. These numbers have been on the decline for quite some time now, without affecting the XMR price in a negative manner. Then again, it wouldn’t hurt to see some more interest in Monero from fiat traders.
The most XMR trading volume still comes from the bitcoin market. Monero has maintained its status quo in this regard as well, although there is a 0.75% gain over the past 24 hours. All things considered, Monero is looking very strong right now, and it is expected this trend will continue for quite some to come. Our best estimate is how there will be a few more days of accumulation and sideways action before any major price changes will occur.
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