It appears Monero has thrown most traders and speculators yet another curveball, as all previous chart indicators were ignored. The downward pressure on the XMR price has not materialized in a price decrease, and the value has gone up as a result. However, this can mostly be attributed to Bitcoin’s value rising as well. Then again, it appears Monero will lose some ground to Bitcoin in the coming days.
Monero Gains Value Courtesy of Bitcoin
Judging by the 24-hour chart, it appears there is a tug of war going on between Monero and Bitcoin right now. Monero has tried to go up in value several times over the past few hours, yet has proven to be unsuccessful in its attempts. To be more precise, the XMR value did go up, but only due to Bitcoin shooting past US$950. On its own, Monero has been very volatile, as one would come to expect from altcoins.
On the XMR/USD chart, things have been looking nothing but positive for Monero over the past 24 hours. A steady price increase is visible, and the value surpassed US$13 a few hours ago. Quite a gain from the US$12.6 price point XMR seemed to be stuck in a while ago. Then again, surpassing the US$13 mark is only due to Bitcoin’s value going up, and nothing else.
Things look very different when looking at the XMR/BTC chart, though. In fact, Monero has been quite volatile for the first time in a long while. Bears and bulls are fighting it out over what BTC value Monero should be traded at right now. At three points, the XMR value surpassed 0.014 BTC, yet failed to hold on to this point for longer than an hour every time. Right now, XMR dipped back to 0.01379 BTC, and it is possible a further decline is looming.
Similarly to nearly every altcoin in existence, Monero will usually go down once the Bitcoin price starts to increase. To put this into perspective, the USD value per XMR will remain virtually unchanged, even though sustaining US$13 may be challenging. Things will continue to go down in the XMR/BTC market for as long as Bitcoin’s gains continue to pile on. For now, it seems like this temporary increase may be maintained, although a small retrace for Bitcoin is not out of the question either.
Header image courtesy of Shutterstock