Monero Price Analysis – Battle For US$14 Price Point Wages On
Monero is currently in an uptrend, pushing both the USD and BTC value towards new highs over the past 24 hours. With a 5.5% increase in price, one XMR is currently valued at US$13.98. It seems likely Monero will break through the US$14 mark once again in the next few hours, although it remains unclear how long this trend will continue.
A Good Trading Day For XMR
People who have been holding or trading XMR in the past 24 hours will gladly take a look at the current price charts. A small bullish trendline is forming as Monero continues its uptrend, which started on January 7. However, compared to the value of January 4, there is still a US$4 discrepancy per individual XMR. It may take a while until the altcoin reaches that price point again, though.
An increase in USD value always generated a positive result for a currency’s market cap. In the case of Monero, the market cap is close to US$192m right now. We are still a long way removed from surpassing US$200m again, but the current upward trend seemingly makes it possible to achieve in the coming weeks. Then again, one never knows when the tide of trading will turn sour, as volatility remains a looming threat.
Ever since Kraken added support for XMR trading, the exchange has been struggling to gain ground in the market. Over the past 24 hours, just over 1,000 XNR was traded on the USD market, which is nearly 1/6th of the volume Poloniex handles. Things look a lot better on the EUR market, though, as Kraken is the only exchange with an XMR/EUR trading pair right now. Over 85,000 EUR worth of XMR has changed hands over the past 24 hours, which is a solid number.
Compared to Bitcoin, Monero has been making some headway as well. The currency’s uptrend is a bit more obvious on the XMR/BTC charts, as Monero is trading above the 0.015 level once again. A 5.4% gain means XMR is worth 0.01538 Bitcoin right now. It is only a marginal leap to 0.016 on the chart, yet it may take quite a bit of trading volume to reach that goal in the coming days.
All things considered, Monero is in an upward trend across all markets. Bitcoin continues to see a lot of sideways trading action in all markets, and speculators will look for other markets to make a profit. Right now XMR presents a great opportunity to do so. The recent price gains may also indicate the short-term profit boat has already sailed, though.
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