Monero Price Analysis – Dip Below 0.012 BTC To Materialize Soon?
Volatility is still present in the Monero market right now, even though the damage has been kept to a minimum. It is evident the trend established over the past few days will continue, as Monero is going through some price swings of its own lately. With the 24-hour value hovering between US$12.35 and US$1291, things can head in either direction moving forward.
Monero Stays Its Course In Troubled Waters
While bitcoin’s value has gone up slightly over the past few hours, the Monero charts look filled with up and downs. A few hours ago, the price surpassed the US$12.8 mark again and even went as high as US$12.91. People who had hoped XMR to reach US$13 again were disappointed once they found out this upward trend did not last long.
As one would expect from the altcoin market, a volatile trading chart is the end result of any upward action. After failing to retain its US$12.91 value, Monero quickly tumbled to US$12.35 again. This contested price point was met with some resistance, slowly pushing the price upwards once again. At the time of writing, one XMR is valued at US$12.6, which still seems a bit overvalued.
With the USD/XMR trading market remaining rather flat volume-wise, it is difficult to predict what will happen next. Less than 5,000 XMR was traded in these markets yesterday, resulting in a weekly low. Everyone knows most of the trading take space in the XMR/BTC market, but one would come to expect the USD market to gain slightly more popularity over time. That is not the case, unfortunately, as USD traders tend to favor bitcoin and Ethereum over Monero for the time being.Despite this lackluster performance, the USD market remains well ahead of its EUR counterpart.
Monero’s BTC chart looks a lot calmer compared to the USD one. Albeit the value has been dropping steadily from the 0.0126 BTC mark for the past few hours, things seemingly calmed down for now. With one XMR valued at 0.01236 BTC, things look relatively stable. Considering the value dipped to 0.01175 not too long ago, it is not unlikely XMR will dip below the 0.012 BTC trendline again later today. Depending on how the bitcoin price evolves, such a chance would keep XMR’s USD value stable, though.
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