Monero Price Analysis – Recovery Process After Brief Dip


Things are slowly going from bad to worse for Monero, even though a large part of is price correction has been nullified in the past few hours. As we mentioned yesterday, it was likely XMR would dip to US$11.5 or lower, and that is exactly what happened. With Bitcoin’s value declining slightly, this change should not come as a surprise to anyone, though. However, it seems things are showing signs of recovery, even though the US$12 mark seems very far away right now.

Monero Sees A Big Dip And Recovers

All signs were pointing towards a temporary Monero dip yesterday, and it appears the charts were read correctly. The XMR price retraced to slightly below the US$11.5 mark, even though this setback did not last for long. Instead, the market started recovering quickly, although the recovery process was met with another temporary dip to just above US$11.5.

Right now, it remains unclear what caused this specific dip, although it is possible one can link it to the Bitcoin price dip as well. Then again, any self-respecting altcoin can decouple itself from whatever is happening to Bitcoin if it wants to. For now, that has not happened for Monero just yet, although that situation may come to change over time.

The USD trading volume of Monero has picked up as well, more than doubling compared to the previous day. That means over 20,000 XMR changed hands across this market, which is a positive development. Today looks like another strong trading day as well, even though there are still a few more hours left.  Bitfinex successfully retains its lead over Poloniex, with nearly 4,000 XMR worth of trading volume separating the two platforms.

Not too much has changed in the XMR/BTC market either, although there has been a similar dip compared to the USD chart. XMR went well below the 0.013 BTC mark for the first time in a while, although things improved quickly. Right now, one XMR is trading at the value of 0.0130 BTC, which is somewhat stable ground for this altcoin. Poloniex has taken over from HitBTC in the Bitcoin trading market once again, as things seemingly return to normal slowly but surely.

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.

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