HomeAltcoin NewsMonero Price Analysis - Stability or Accumulation?

Monero Price Analysis – Stability or Accumulation?


Once again, very little has changed for Monroe in both the USD and BTC markets over the past 24 hours. This continuing trend of stability seems to indicate here is little financial growth left for XMR in its current state of development. The US$12 mark has been a sweet spot for this altcoin for quite some time now, and it looks like things will not change anytime soon. Any gains made during the day are nullified during the evening, for some reason.

More Of The Same For Monero

Looking at the Monero price charts is becoming quite repetitive these days, as hardly nothing ever changes. That is not necessarily a bad thing for people who obtained XMR below the price of US$12 per coin, but for everyone else, it is a bit boring. Then again, Monero is not the average pump-and-dump scheme, and the lack of volatility is a positive development in terms of long-term stability.

Even though the XMR price briefly surpassed the US$12.2 mark earlier today, it appears some people are deliberately trying to keep the price down. It is anybody’s guess if this is the case, and if so, why anyone wants to keep XMR at the same price point for such an extended  period of time. Accumulation is nothing new in the cryptocurrency world after all. Then again, US$12 is a good price point for Monero right now, and the altcoin is still well-positioned to make significant gains over time.

In fact, one could see the upward price trend for Monero lasted a total of 14 hours, before things started to go downhill once again. With a value climbing to US$12.1 several times, and even briefly topping US$12.2 twice, there is plenty of room for further upward momentum where XMR is concerned. It is not unlikely Monero will get back to US$13 in the coming days, even though some traders may want to keep pushing it down to US$12 whenever they can.

Virtually nothing changed for XMR in the bitcoin trading market. Monero is still hovering around the 0.131 BTC mark, as it has done for weeks now. Poloniex and HitBTC are still battling for the top spot, and it appears the latter exchange is making significant strides in this department. On the USD front, Kraken is slipping down the volume charts once again, and Poloniex has seen its BTC volume cut in half overnight. Less trading will eventually impact the Monero price, though.

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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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