Monero Price Analysis – Temporary Support Level Achieved?

As was to be expected, things are turning from bad to worse for Monero right now. With rather large losses in the USD department, XMR dips below US$12 once again. That is somewhat surprising, considering bitcoin has not started a bullish recovery process after yesterday’s losses. Unfortunately for Monero, the symbiotic relationship this altcoin developed with bitcoin over the past few months means any negative bitcoin price trend will bring Monero’s value down as well.

Things Are Looking Bleak For Monero

Even though Monero has plenty of appeal to specific cryptocurrency users, the market is in a world of hurt right now. Over the past 24 hours, the XMR USD value lost 3.8%. Further losses may still occur, as the market is showing signs of more volatility to come. Now that bitcoin has gone through a significant value retrace, Monero was in a prime position to make a name for itself. Unfortunately, the altcoin failed to do so.

Things were not looking all that bad once bitcoin’s decline began, though. Monero shot up to US$12.62 at one point, yet has only seen sharp declines every since. Right now, one XMR is valued at US$11.91, although that value could go below US$11.75 in the coming hours. Rest assured a lot of traders and speculators are keeping an eye on what happens to bitcoin, which does not bode well for Monero’s price.

Being linked to bitcoin’s value is not doing Monero any favors, regardless of how the market evolves. If Bitcoin goes up, Monero loses BTC value yet somewhat maintains the USD price. However, if Bitcoin goes down, Monero’s USD and BTC value go down at the same time. It would appear there is no way to win for this altcoin, which puts Monero in the same boat as nearly every other altcoin in existence right now

Speaking of the XMR/BTC market, losses have been somewhat contained in this regard. There is still a 1.2% dip which could grow into a 2% dip if bitcoin’s value goes up again. With XMR trading at 0.01233 BTC right now, it is evident the market remains very unstable.The chart looks calm for now, but XMR may very well go below 0.01215 very soon. An intriguing opportunity for speculators, albeit one that will result in minimal gains and losses.

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