The Cryptocurrency Market Continues to Flounder: Monero Bucks the Trend

Markets 1 min, 28 sec READ

by William A. Ebbs

The cryptocurrency market is down again with most of the top hundred assets falling by single digits. The top ten assets mirror the decline.

The cryptocurrency market is once again down, with most of the top hundred assets falling by single digits. The top ten assets mirror the declines in the rest of the market with downward moves of between 0.10-3.5% in the last 24 hours. This correction sends the total cryptocurrency market cap to $245.6 billion with Bitcoin dominance rising slightly to 42.5% of the total. Trade volume has fallen to only $9.6 billion - much lower than the monthly average - and asset price action continues to move in lockstep.

Several assets have broken out of the correlation today including Monero (XMR), Augur (REP), and today's biggest mover FutureXe (FXE). But despite today's winners, it is clear that the cryptocurrency market is in a bad spot, and the spiraling declines show no sign of stopping any time soon.

Monero Technical Analysis

Monero prices are displaying a short-term bullish flag pattern as they try to find support above the $130 level. The assets 50 and 200 SMA are expected to stymie a fall towards technical support at $125 and the 23.6% Fib retracement level at $128. Unfortunately, (if the price action elsewhere in the market is anything to go by) these levels will most likely be broken in the next 24 hours and the price will decline toward major support at around $108-$112.

Monero is up by 2-3% in the last 24 hours to a per unit price of around $129. This translates to a market cap of $2.10 billion and represents the latest move in a six-day trend that has taken the asset's market cap from around $1.50 billion to $2.16 billion while the rest of the market floundered.

Disclaimer: information contained herein is provided without considering your personal circumstances, therefore should not be construed as financial advice, investment recommendation or an offer of, or solicitation for, any transactions in cryptocurrencies.