Monero Price Analysis – Chugging Along Toward US$21
Contrary to what we – as well as a lot of traders- assumed yesterday, Monero is not suffering from a dead cat bounce right now. Instead, it appears the popular altcoin has found its second wind and is rocketing up the price charts once again. With the value climbing above the US$20 mark, things are looking quite good for Monero. A lot of other altcoins have seen significant gains as well, though, indicating this trend is not native to just Monero.
XMR Value Surpasses US$20 Once Again
It is quite interesting to see Monero gaining value all of a sudden. While nearly every major altcoin has gained value over the past 24 hours, no one is exactly sure what is going on. Monero holders will not care much for the reason behind this latest price increase, though, as the value per XMR has shot past US$20 once again. A 2.3% gain over the past few years is quite significant, although it may only be a sign of what is yet to come.
One thing is for certain, there is a good chance XMR will surpass US$21 once again in the coming days. Over the past 24 hours alone, the value fluctuated between SU$18.53 and US$21.5, indicating there is still a lot of room for upward momentum. It appears there is a growing internet for this privacy-centric cryptocurrency, albeit no one knows for sure what could be driving the demand. Since all altcoins are part of this pumping spree, it is possible Monero is just enjoying the momentum generated by other coins.
An increasing XMR price attracts traders and speculators from all over the world, though. In the case of Monero, the USD market is above the US$1m in trading volume once again. Additionally, the EUR market seems to be growing slowly once again, which is a positive development. Fiat currency markets play an integral role in the cryptocurrency sector, and altcoins often have a difficult time gaining any traction in this regard. Monero appears to be on the right track, though.
Things are looking quite good on the bitcoin front as well. With a 6.35% gain in the past 24 hours, XMR has surpassed the 0.02 BTC mark once again. That is quite a significant development considering how the value dipped to 0.01734 BTC not too long ago. A golden opportunity for day traders, that much is certain. It remains to be seen whether or not Monero can maintain this momentum over the coming days, though.
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