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

Read more ... source: LiveBitcoinNews

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