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I'd say the 50,000 BTC 24 hour volume traded is a confirmation of a bullish signal blowing past 0.005
To clarify I was referring specifically to the enabling of deposits and withdrawals on Poloniex and not the overall market behavior over the last couple of days.
What we have seen over the last couple of days is the reason why fundamental analysis matters and why the market does not always reflect all the information that is available. The price of Monero in terms of Bitcoin had been in a trading range between 0.0009 XBT and 0.0043 XBT for close to two years, while a host of very critical fundamental factors in Monero have improved markedly. A combination of the emission curve and a policy of the Monero project, which by the way I support 100%, of focusing on the critical fundamentals since the project's inception created a situation where the bullish pressure just built up over time until "all of a sudden" boom. While this is of course very positive for Monero the process is comparable to an earthquake or a dam bursting. A gradual build up of pressure followed by a sudden release of energy.
As far as I see the market will likely now go through a process price discovery which over the short to medium term could be very difficult to predict, making this a treacherous market for short term traders. Over the long term the fundamentals have not changed, what has changed is the market's awareness of Monero's fundamentals.
The trading volumes over the last couple of days are a very much a game changer. We are talking in the neighborhood of 30% of Bitcoins's entire daily trading volume accounted by Monero alone. These kind of trading volumes are typical for a coin with 50x the current market capitalization of Monero.
