Monero Price Analysis – Pushing Toward US$20.5 Without Much Success

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The current Monero chart looks like a bullish trend is trying to settle in, yet it fails to gain long-term traction. To be more specific, the XMR price has been trying to push towards the US$20.6 mark, yet drops every time a peak on the chart is established. That does not mean Monero won’t see significant gains in the next few days, though.

Monero Tries To Push Forward But Doesn’t Succeed

It is somewhat troubling to see the XMR price is still hovering around the US$20 mark after multiple days. One positive development is how XMR is above US$20 for the first time in three days, though. That being said, there have been several attempts to push the price towards US$20.5 and higher, yet the uptrend cannot be maintained for more than a few hours at a time.

This seemingly indicates sectors are having a good day while trading XMR back and forth. Keeping in mind how the currency’s value hovered between US$19.4 and US$21.04 all day, it is evident the push towards US$20.5 will be met with some resistance. It is unclear whether or not that resistance will be sufficient to keep the XMR value below that threshold, though.

Monero could use some help from the fiat currency markets, though. Both USD and EUR trading volumes have been rather low all week and it appears this trend remains unbroken for the time being. That said, the trading volumes are more than sufficient to keep the current price momentum going, though.  Bitcoin still remains the largest market for the time being, which is a good thing. After all, investors are prone to buying bitcoin well before thinking of using fiat currency to make a Monero investment.

Interestingly enough, Monero still loses ground against bitcoin, without it affecting the XMR USD value. A 4.04% loss has been noted across exchanges over the past 24 hours, although there are no negative repercussions. Interestingly enough, HitBTC successfully overtook Poloniex as the biggest exchange for XMR/BTC volume. It is not the first time that happens, although it is usually a trend that only lasts one day or less. As long as bitcoin’s value remains around the US$1,125 mark, Monero will not make any major gains in the XMR/BTC department, though.

Header image courtesy of Shutterstock

About JP Buntinx

JP is a freelance copywriter and SEO writer who is passionate about various topics. The majority of his work focuses on Bitcoin, blockchain, and financial technology. He is contributing to major news sites all over the world, including NewsBTC, The Merkle, Samsung Insights, and TransferGo.

View all posts by JP Buntinx

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