Monero Price Analysis – Building Support For Another Bull Run?

Even though the weekends are usually a dull period for cryptocurrency traders, things are not looking all that bad for Monero right now. With a 14.77% value gain over the past 24 hours, one XMR is worth nearly US$23 once again. That is quite a positive trend, considering bitcoin has seen a significant dip over the past 16 hours.

Monero Continues To Push Upward

It is interesting to see how the different altcoin markets react to the current bitcoin price changes. Monero’s value has gone up after a day of sideways trading, resulting in a 14.77% gain in 24 hours. If this trend continues, it will only be a matter of time until XMR reaches the US$25 mark. Then again, cryptocurrency markets react in very strange and volatile ways, making it impossible to predict in the future.

Despite today being a Sunday, Monero is seeing a healthy amount of trading volume. With the USD trading market bringing in just under US$2.5m over the past 24 hours, things are looking good. Do keep in mind this is still a lot lower than the US$4m of just two days ago, but the volume is expected to pick up again over the next few days.The EUR market, on the other hand, has been dipping a bit, although that might change again on Monday.

This small lull in trading volume has not hurt Monero’s price by any means, though. As bitcoin began to dip yesterday evening, Monero started to gain value against the US Dollar. Altcoins are slowly obtaining value from sources different than bitcoin, which is a positive trend. Even though bitcoin is rising in value again, Monero is not losing any ground. If the markets can bring in a bit more fiat volume, Monero should reach US$25 in the next 72 hours.

Things are looking quite good for Monero in the bitcoin market as well. With a 12.15% gain over the past 34 hours, it goes to show the Monero value is no longer tightly linked to bitcoin. Instead, both currencies seem to gain and lose value independently, which creates intriguing trading opportunities. One XMR is traded at a value of 0.02245 BTC at the time of writing. The target of  0.0260 BTC is well within reach for Monero if the current trend can be sustained.

Header image courtesy of Shutterstock