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Monero Price Analysis – US$22 Is A Viable Target

The past 24 hours have been rather disappointing for Monero users once again, depending on how you want to look at things. The value per XMR has not moved by that much, even though there has been a brief upward trend that was squashed rather quickly. On the bitcoin front, Monero is faring a lot better, although that seems to be thanks to the bitcoin price falling hard.

Monero Continues The Boring Trend

For day traders and speculators, Monero is by far one of the most boring cryptocurrencies right now. The average XMR holder will not be concerned about this development by any means, although it may result in less trading volume in the bitcoin market over time. Traders determine the price of individual altcoins most of the time, but once they lose interest, things go down a slippy slope rather quickly.

For the time being, it appears there are still a lot of day trading opportunities with Monero. The price fluctuated between US$20.59 and US$22.90, which is quite a nice gap. Eventually, the Monero price settled around the US$21 mark, which results in a virtually unchanged position compared to yesterday. As long as traders can play the margins, Monero will not gain all that much ground.

On the positive side, it appears both USD and EUR traders are slowly coming back to Monero once again. The USD volume surpassed US$1.14m once again, despite dipping to nearly half 24 hours ago. On the EUR front, the volume is inching towards 300,00 EUR again, which is still a long way away from half a million Euro. Then again, things are picking up again, which is quite a positive development.

Even more good news from the XMR/BTC market, as Monero gained 6% in value compared to bitcoin. This is not a surprise, as bitcoin’s value has been tanking hard over the past few hours. With bitcoin below US$1,000 once again, things are looking good for all altcoins. It is not unlikely Monero will see some more value increases over the next few days, although the weekend is a generally boring time for cryptocurrency trading.

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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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