Monero Price Analysis – US$22 Resistance Broken, Time For Accumulation

Things are finally evolving in the right direction for Monero, as the XMR currency has reached a significant milestone for the past few hours. As was to be expected, XMR broke the 0.0185 BTC line and is now trading at a value just above US$22. For now, it appears a bit of consolidation will occur to stabilize this price level.

Monero Surpassed US$22 Once Again

It has been a while since XMR traded above the U$22 mark, even though everyone knew it was a matter of time before this trend would occur again. As of right now, one Monero is worth US$22.08, which represents a 1.3% increase compared to 24 hours ago. It is good to see this trend materialize right now, though. After a few days of consolidation and solidifying the US$21 support level, Monero finally made its way upward once again.

As people have come to expect by now, the gains are made possible thanks to an increase in value against bitcoin. On the fiat currency front, however, there are a few gains as well, although it is not due to a major increase in trading volume by any means. Just yesterday, both USD and EUR volumes were way down compared to the days prior, yet it seems the absence of fiat currency funds may have done the current a favor as well.

That being said, it appears as if both USD and EUR volumes are slowly picking up the pace again. The USD market brought in US$670,000 worth of XMR trading volume, compared to 130,528 EUR for the Euro market. Investors continue to diversify their cryptocurrency holdings, by the look of things, and investing in Monero may have been the smart decision for the time being. Only time will tell how the markets continue to evolve, though.

With a 4% gain in value over bitcoin, things are looking quite positive for Monero right now. Breaching the 0.0185 BTC mark was only a matter of time, although XMR is trading slightly below this mark as of right now. If Monero can successfully maintain this value, things will look quite interesting moving forward. For now, all things are looking good for Monero, although traders always need to be cautious when investing in cryptocurrency.

Header image courtesy of Shutterstock