Monero Price Analysis – Temporary Uptrend To Materialize Soon

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Monero holders remain on the edge of their seats, even though the price is evolving in the wrong direction. With more losses in both USD and BTC values, things are looking pretty bleak for Monero right now. A bitcoin price correction is direly needed to get this coin back on track, yet it seems highly unlikely that will happen anytime soon.

Monero Maintains Downward Momentum

The past few days have proven to be quite difficult for Monero holders. Although currencies such as Monero should always be looked at as a long-term investment, many people like to speculate on daily price swings. Unfortunately, for daytraders, Monero has proven to be quite a disappointment in this regard, as there is very little room for price movements to take advantage of.  

This can mainly be attributed to the recent bitcoin price trend, which show signs of bullish patterns right now. Every time the bitcoin price goes up by quite a margin, altcoin values will eventually come down. Monero is no different in this regard, which  results in yet another 2.75% decline in value. Rest assured this price will continue to go down if bitcoin’s momentum can be maintained for a few more days.

One aspect that is favoring Monero growth is how the trading volume continues to increase every single day. To be more specific, the USD volume is slowly climbing back to US$1.5m in the past 24 hours, which is a nice increase compared to yesterday. Additionally, the EUR volume is picking up as well, reaching over 420,000 EUR once again. Although these numbers are quite strong, they are not doing much to keep the bitcoin price afloat for the time being.

Things are looking even worse when it comes to the XMR/BTC market. With a 3.55% loss over the past 24 hours, the bitcoin price momentum is hurting XMR’s value by quite a margin. Then again, things may rebound sooner rather than later, depending on how things develop with the bitcoin price. There is no reason for Monero holders to despair right now, although things may change in the future if this trend is not broken.

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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