Monero Price Analysis – Stability Before The Next Leg Up

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The past 24 hours have proven to be challenging for Monero, yet things eventually turned out to be alright. While there have been some price fluctuations, the XMR value managed to gain some ground, settling around the US$20.6 mark for the time being. Things are still looking positive to reach the US$21 target soon.

Monero Is Still On The Right Track

It is interesting to see how Monero continues to hold its value during these turbulent times. It is true there have been some crazy price fluctuations, sending the price down to SU$19 at one point. Then again, XMR also reached a 24-hour high of US$21.64, indicating there is an equally large change the value will continue to rise. The altcoin market seems to be in a very weird state right now, making it somewhat unclear as to which direction coins are heading in.

That being said, Monero seems to be holding its own with relative ease. Bitcoin’s value has gone up a few bit, but it had not affected the XMR in a negative manner by any means. In fact, the XMR/BTC value has gone up at the same time bitcoin’s value started to climb. Some people may call this a sign of maturity, whereas others see it as speculators simply diversifying their portfolio.

It appears the fiat currency trading volume is once again drying up for Monero though. Then again, these numbers have had little to no impact on the XMR value over the past few weeks, thus there is no reason to think this time will be any different. With US$8210,000 and 245,000 EUR worth of XMR changing hands over the past 24 hours, things are still looking relatively stable for Monero right now.

As mentioned before, the XMR/BTC trading pair is doing quite well these past few hours. Although there is a minor dip in value right now, the market has remained remarkably stable over the past 24 hours. Poloniex is still bringing in most of the trading volume, although Kraken is seeing increasing trading activity a swell. All things considered, there is no reason to believe XMR can’t reach US$21 before the week is over.

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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