Monero Price Analysis – A Dead Cat Bounce In Play?
It appears the tide is turning for Monero all of a sudden, as the price per XMR continues to go up once again. After yesterday’s bitcoin bull run, it appears altcoins are slowly recovering and improve their position on the market. Now that XMR is trading around the US$19. 5 mark once again, things are looking quite positive for Monero holders.
Monero Bounces Back Temporarily
Even though the bitcoin price has not shown any signs of decline just yet, altcoin prices are going up once again. That is great news for anyone who owns Monero or any other cryptocurrency, though. As a result of this sudden bounce, the price per XMR has climbed up to US$19.5 once again. The bigger question is whether or not this level can be maintained in the long run.
It is a bit unclear why Monero is going up in value, even though a similar trend is visible across all other altcoins. Monero’s value even surpassed the US$20 mark earlier today, although that price level could not be sustained for longer than a few hours. That is not entirely surprising, as the bitcoin value continues to remain firm for the time being. It is not unlikely Monero will surpass US$20 once again, though.
So far, XMR gained 2.6% in value in the USD market. That is quite a post development, although it is not a direct result of a growing USD trading volume. In fac,t the USD volume has shrunk once again, dipping to US$817,000. Monero’s USD value goes up every time its USD market shrinks, for some unknown reason, which is quite intriguing to take note of.
Things are also improving in the XMR/BTC market, resulting in a 3.35% gain. With Monero trading at 0.0188 BTC once again, a lot of earlier losses have been recovered. Them again, Monero is still far away from getting back to 0.02 BTC, which is a goal that can be obtained with a little bit more trading volume. In total, there is 5.667.30 BTC in trading volume for XMR so far, which is not exactly impressive.
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