Monero Price Analysis – Up Can Become The New Down Again
Down seems to be the new up for Monero all of a sudden. With the bitcoin price dipping lower, Monero is slowly starting to recover from a rather turbulent week of trading. With the price maintaining its US$12,65 mark without too many problems, one would almost be tempted to believe everything is in order The charts tell a very different story, though.
Monero Remains A Volatile Market
Looking at the Monero price charts, one can clearly see the price can evolve in either direction over the next few hours. There has been a fair bit of downward pressure on the price, which is not surprising given bikinis recent value gains. However, it would appear an uptrend is being established, even though there is no guarantee for any stability in the near future.
To put this into perspective, the Monero price in US Dollars has fluctuated between US$12,48 and US$12,8 over the past few hours. It only seems normal the price would settle somewhere in between and US$12.65 makes a lot of sense in this regard. Then again, none of the gains made in the past few hours can be maintained for long, and volatility will continue to be an issue for quite some time.
One thing Monero has going for it is how the USD trading volume is finally picking up steam again. Or that was the case until today, as the volume has shrunk well below the 10,000 XMR mark once again. Yesterday and the day before saw an average of 20,000 XMR changing hands, which seemed to indicate a growing demand for Monero. Not a positive sign by any means, as things may head to US$12 once again in the coming few days.
On the bitcoin front, things are looking quite stable for Monero, for now. In fact, the XMR value has been on the rise, after dipping to below 0.0121 BTC earlier this morning. Right now, one XMR trades at 0.01264 BTC, which seems to be the stable bottom for the time being. Depending on how bitcoin’s price evolves, this bottom could start to erode rather quickly, though.
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