Monero Price Analysis – Gravitational Pull Towards US$11.5

There is not much left to tell about Monero most people did not already know by now. The XMR value has not changed all that much, other than dipping below the US$12 mark once again. Prices went down as low at US$11.79, yet things have somewhat recovered. Then again, it seems a secondary dip is forming on the charts, and the XMR price may dip all the way down to US$11.5 over the next few hours.

Monero Continues To Bob On The Waves

Looking at the most recent XMR trading chart, it is evident very little has changed once again. The USD value per XMR has dipped below the US$12 mark for the first time a few days. A similar dip has occurred on January 18, 19,20, and 22. However, things looked far more stable yesterday, yet that was only a mere illusion by the look of things.

It is possible this discrepancy is a direct result of the Bitcoin price dipping a bit. After all, Monero’s USD trading market continues to see very little volume every single day, a trend that has been visible for nearly two weeks now. Nothing has changed in this regard either, as any trading volume below 20,000 XMR is neglectable. Unfortunately for Monero, almost half of the daily trading volume between December 25 and today have been below 10,000 XMR, which is not a positive development.

What is rather intriguing is how Bitfinex has overtaken Poloniex as the top market for XMR/USD trading. This is rather unexpected, considering Poloniex has been the market leader for months now. All of a sudden, there has been a surge in USD trading on Bitfinex, which can be seen as a positive development for Monero. Then again, if this is only a one-day trend, there is no reason to get excited just yet.

There are no changes to report in the XMR/BTC trading market right now. HitBTC still has enough momentum to maintain the leading position for all trades, closely followed by Poloniex. Bitfinex and Kraken complete the top four, although they see far less trading volume than the other two platforms. With a bitcoin value of 0.01317 BTC per XMR, things remain at a status quo in this department.

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