Monero Price Analysis – The Battle for US$20 Support Is In Effect

Monero holders will be more than pleased with the way things are evolving right now. The price per XMR has climbed back above the US$20 mark and is well underway to hit US$20.5 in the coming days. This sudden turn of events comes on the heels of a bitcoin price drop, which caught lots of people by surprise. It will be intriguing to keep an eye on the cryptocurrency market over the coming hours, that much is evident.

A Good Day For Monero

Cryptocurrencies remain subject to some degree of volatility over the past few weeks, yet Monero seems to go through much smaller price waves compared to other coins. Even though XMR briefly dipped below US$20 just over 24 hours ago,  everyone knew this was just a temporary setback. Looking at today’s charts, there is a 1.55% value gain for Monero, with more to come.

To put this into perspective, there has been some volatility on the XMR chart. At one point, the price dipped to US$19.6, which is quite low. However, that was followed by an immediate spike to US$20.15, after which the value continued to fluctuate even further. Right now, there is a clear uptrend in effect, although that situation can flatten out and potentially even reverse at any given moment. There are no certainties when it comes to cryptocurrency, especially not where altcoins are concerned.

For Monero, things are looking quite good in the USD department. With a 1.55% gain over the past 24 hours, there is absolutely no reason to complain whatsoever. The USD trading volume is also picking up a bit again, generating over US$410,000 in trades over the past 24 hours. A small bump from the EUR market is helping matters along nicely as well. The Chinese Yuan remains the fourth-largest trading market for XMR right now, although it is generating very little volume right now.

One thing that will concern Monero holder sis how the currency continues to lose ground against bitcoin. The past 24 hours of trading resulted in another 1.43% loss, pushing the value down to 0.01591 BTC. It is possible that will change over the coming hours, as bitcoin is meeting some resistance around the US$1,265 mark. Then again, it is not unlikely the bitcoin price will see a major downward correction over the coming days.

Header image courtesy of Shutterstock