Monero Price Analysis – The Bottom is Not In Sight Yet

Monero holders will not be too pleased with the most recent price developments, and rightfully so. With XMR losing nearly 11% of its value over the past 24 hours, things are slowly heading back toward the US$12 mark. The most recent value gains could not hold up, which can be mostly attributed to bitcoin’s downward spiral. For now, it remains unclear what will be next for Monero, albeit more losses are highly probable.

It Is Not A Good Time To Hold XMR Right Now

While it is true every cryptocurrency goes through periods of volatility, the downward trends are a gut wrenching moment for holders. Anyone who has Monero as part of their portfolio right now will be considering whether or not they should sell. It is impossible to predict what everyone’s next move should be, considering Monero’s value is so closely related to what happens to bitcoin.

At the time of writing, one XMR is valued at US$12. 84, which is a 10% decline compared to 24 hours prior. Then again, bitcoin’s value has taken another sharp nosedive in the same period, thus this XMR change is no surprise. Unfortunately for Monero holders, it looks like the bearish trend is still in full effect, and further losses should be expected over the next few days.

Looking at the USD trading charts, Monero is not in the best shape right now. With the USD trading volume dwindling towards US$500k per day once again, very little fresh capital is flowing into this altcoin right now. The EUR market seems to be holding its ground, for the time being, although that may only be a temporary trend. Without fresh capital, there is very little reason to believe the XMR value will go up once again in the near future.

Monero is successful in holding its value against bitcoin for the time being, though. Despite a 6.32% value loss, one XMR is still trading at a value of 0.01082 BTC. It may only be a matter of time until XMR drops below the 0.01 BTC mark again. Then again, the current bitcoin downtrend may “force” people invest in prominent altcoins until the market improves. This could be positive news for Monero in the short-term, albeit it may only make things worse in the long run.

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