However, the market, at the time of writing, was in a low volatility phase characterized by very little movement. In fact, Monero’s performance in the last 24 hours made it one of the best gainers in the top 50 list of cryptocurrencies by marketcap.Even more interesting is the fact that this is the biggest single-day rally that XMR has achieved in the last two months.
As it turns out, XMR on-chain volume recently retested its four-week low. It has since bounced back, indicating a return of demand. But will this be enough to trigger Monero’s next rally? Well, it is possible that this new uptick could mark the start of itsXMR’s rally will depend on whether it can sustain robust demand. That could be a tall order if the rest of the crypto market fails to follow through. Also, Monero still has some room for more downside if it reverts back to the lower range.