Monero Price Analysis – Can The Status Quo Be Maintained?
It appears Monero is slowly bouncing back from it significant losses sustained 48 hours ago. With the USD value going up again courtesy of bitcoin, things seem to be covered on that front. In the bitcoin market itself, however, things remain very shaky, despite no further losses being recorded for XMR. Then again, this status quo may only be temporary, as bitcoin’s bullish trend is far from over by the look of things.
A Positive Day For Monero So Far
Not every day has to be filled with negative price changes by any means. With bitcoin’s value going back up, it appears Monero is finally strengthening its position and enjoy the ride up. Right now, one XMR is valued at US$13.3, which is mostly thanks to bitcoin getting close to the US$1,000 mark right now. It remains to be seen if BTC can surpass that milestone mark, though.
The XMR charts reflect this positive trend change, although that may be only a temporary sight for sore eyes. A small dip is forming on the chart already, which could hint at a small value retrace for XMR in the next few hours. Earlier today, Monero was trading at close to US$13.35, but the value has dipped slightly ever since. Then again, if bitcoin continues to go up, so will Monero’s value.
The overall USD trading volume for XMR has picked up as well over the past 24 hours. This is not entirely unexpected, although that means just under 15,000 XMR was traded in this market. That volume is still a lot lower than it should be, though, but things are slowly heading in the right direction. Bitfinex once again leads Poloniex and Kraken in this “race’, although it is evident USD traders favor Bitfinex a lot more than the other two combined.
On the bitcoin front, however, things could get very interesting for Monero later today. With bitcoin’s bullish trend in full effect, it is not unlikely altcoins will start to go down in value rather quickly. Right now, things look good for Monero, as nothing has changed in the XMR/BTC market. Sustaining the 0.0134 BTC price point, however, will be quite a challenge. Depending on what happens to the bitcoin value over the coming 24 hours, things could go south really quickly.
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