Monero’s price charts seem to be on an up-up-down-down trend as of late. For now, things are heading in the right direction for XMR holders, even though it seems to be only a matter of time until the price plummets again. Late last night, Monero was down to US$12.48, but things have recovered nicely. Then again, most of the gains made over the past 24 hours have been wiped out already.
Monero Can Go Either Way At This Point
Trying to make sense of Monero’s price movements is virtually impossible these days. Then again, that is also part of what makes the altcoin market so appealing to speculators. Considering there are a few platforms offering margin trading for currencies such as Monero, keeping the market guessing as to what happens next is quite important. For now, it appears XMR wants to go up in value, yet struggles when it comes to maintaining a higher level.
Over the past 24 hours, Monero has seen some interesting price swings. Whereas the value was below US$12. 5 a few hours ago, things quickly recovered to US$12.78 this morning. Ever since that time, the price has started sliding down once again, despite some minor points of recovery. It appears XMR is more than happy to hover around the US$12.65 mark, although the market could evolve in either direction over the next few days.
What is even stranger is how this small pump was made possible with the smallest amount of trading volume. Just over 5,000 XMR was traded in the USD market yesterday, which indicates Monero is once again piggybacking on Bitcoin’s price rise. On days where Bitfinex in the leading XMR/USD exchange platform one knows something up for sure. Anyone looking to crash the USD value for Monero wouldn’t need much funds to do so at this point.
Thankfully for Monero, things remain relatively stable in the bitcoin trading market. One XMR is traded at a value of 0.01383 BTC right now, which seems slightly overpriced. What is of concern, however, is how the XMR/BTC market is seeing far less volume as well. Anyone looking to crash the Monero price can easily do so if they wanted, albeit it remains to be seen if anyone will be bold enough to try it. After all, there doesn’t seem to be a reason to crash the Monero price right now.
It is difficult to predict where the market will head over the coming 24 hours. With volumes in USD and BTC on the low side, any small market movement can have a shockwave effect. For those looking to open long and short position, creating a short for both XMR/USD and XMR/BTC may be the best course of action. However, don’t expect any major profits from doing so at this time, though.
