Monero Price Analysis – 0.01775 BTC Mark Is Critical Support

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It appears as if the previous 24 hours have been rather boring for Monero holders, although not too many will complain about it. After all, it is important to ensure XMR maintains its value before one can think of future valuation gains. Right now, the stability hovers around the US$20 mark, as it has been for the past few days.

Monero’s Course Remains Remarkably Stable

As we had expected yesterday, not much has changed for Monero over the past 24 hours. Although there was a brief uptick towards US$21, the run lost steam rather quickly. In fact, the value has been hovering just above or below the US$20 mark ever since that brief glimpse of what the future may hold for XMR. That is not a bad thing by any means, though.

One downside to a remarkably stable price is how fiat currency traders often tend to look for other opportunities. For Monero, that is exactly what is happening right now, as both USD and EUR trading volumes are shrinking once again. To be more specific, the USD volume dropped to US$670,000 overnight, which is a lot lower than the US$1m Monero usually averages.

On the EUR front, a lot less damage has been done. To be more specific, there is still over 203,000 EUR in trading volume over the past 24 hours, which is quite positive. Then again, these declines have little to no impact on the XMR price overall. Most people trade XMR with bitcoin, and they will continue to do so for the foreseeable future.

Speaking of bitcoin, the BTC/XMR trading pair has noted a 3.03% decline over the past 24 hours. While that may be a slight cause for concern, it does little to affect the XMR price. Losing a bit of value against bitcoin is not a big problem as long as the BTC price continues to go up. For the time being, XMR is traded at a value of 0.01792 BTC, although it may head to 0.0175 BTC in the coming 24 hours.

Header image courtesy of Shutterstock

About JP Buntinx

JP is a freelance copywriter and SEO writer who is passionate about various topics. The majority of his work focuses on Bitcoin, blockchain, and financial technology. He is contributing to major news sites all over the world, including NewsBTC, The Merkle, Samsung Insights, and TransferGo.

View all posts by JP Buntinx

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