Monero Price Analysis – Going Below US$12?

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As we had expected, the Monero price went down even more compared to yesterday. Although the losses are slightly smaller compared to yesterday’s Monero continues to go down in value at an alarming rate. While one XMR is still worth US$12.15 right now, that value may drop below the US$12 mark very soon.

More Red For Monero, As Expected

Whenever the bitcoin value surges, altcoins will suffer in one way or another. For Monero, this current bullish bitcoin trend is anything but positive news. With another 2.02% loss in value over the past 24 hours, it is evident bitcoin is messing up the Monero price quite a bit. Then again, investors are keeping a close eye on bitcoin itself, rather than focus on altcoins that may never gain any mainstream traction in the first place.

For the time being, it appears Monero is staying above the US$12 mark, albeit that situation may come to change very soon. With bitcoin’s bull rush not coming to an end anytime soon, Monero and other altcoins will see more losses over the coming hours. It is not unlikely Monero will dip below US$12, as things may even go as low as US$11.75 by tomorrow.

The downward trend for Monero has not affected the USD market in a negative way, though. Poloniex still generated over US$270,000 worth of XMR volume in the past 24 hours, which is quite significant. It is likely the majority of these sales were sell orders rather than buy orders, though, but at least the market is seeing some much-needed volume. The XMR/USD market has also overtaken the XMR/EUR market once again and is now nearly three times as large.

On the bitcoin front, things are not looking all that great for Monero either. A 5.5% loss compared to bitcoin is quite significant, albeit to be expected. Right now, one XMR is trading at 0.011 BTC, but rest assured the value will drop to 0.0108 or lower in the coming 24 hours. Poloniex is the clear market leader for XMR/BTC as well, generating over 80% of all trades. Depending on how Poloniex traders will look to handle their cryptocurrency portfolio moving forward, Monero may see significant losses for the rest of the week.

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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