HomeAltcoin NewsMonero Price Analysis - Bearish Trend In Both USD And BTC Markets

Monero Price Analysis – Bearish Trend In Both USD And BTC Markets


Things have been relatively quiet in the Monero markets over the past 24 hours. Neither the BTC and USD markets moved all that much, which could hint a bearish period for the time being. It is also a sign of relative stability, which is always difficult to come by in the cryptocurrency world.

No Noteworthy Changes For Monero

It is never a bad thing to see a cryptocurrency remain virtually flat for a full day. Cryptocurrency is known for its volatile market, and Monero has seen some wild fluctuations of its own in the past. The previous 24 hours, however, have been relatively calm, with small dips which were quickly recovered across the Bitcoin and USD markets.

On the Bitcoin front, Monero saw a bit of trading activity early in the morning. Prices dipped from 0.0149 Bitcoin to 0.145 Bitcoin per XMR, but things have picked up again ever since. At the time of writing, one XMR is trading at 0.01462, a stable value for the alternative cryptocurrency in its current state of development.

Monero’s USD trading has seen much of the same, with very little movement worth discussing. The XMR price dipped below the US$13 mark in the early hours of January 9th, but after a bit of a battle between buyers and sellers found its way back above the trendline. Right now, one Monero is worth US$13.27. XMR is hovering around the US$13 mark for several days now, although it appears it would break US$14 again yesterday, that trend did not materialize in the end, though.

Albeit things have remained virtually unchanged for Monero, the USD market is gaining a bit more ground compared to the Bitcoin trading pair.Bitcoin still represents 92.9% of all trades over the past 24 hours, but the USD market is quickly separating itself from the EUR counterpart. Then again, altcoins have always had a difficult time to gain traction when being exchanged against fiat currencies.

For now, it seems as if Monero will have to endure a bearish trend for the time being. Investors are flocking to Ethereum once again, which may signal more money being pulled out of XMR in the coming hours. That being said, Monero is targeting a very different audience from Ethereum, and both currencies can see some upward momentum over the next 72 hours.

Header image courtesy of Shutterstock


JP Buntinx
JP Buntinx
JP is a freelance copywriter and SEO writer who is passionate about various topics. The majority of his work focuses on Bitcoin, blockchain, and financial technology. He is contributing to major news sites all over the world, including NewsBTC, The Merkle, Samsung Insights, and TransferGo.

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