Very little has changed for Monero over the past 24 hours, which can be a good thing, depending on how you look at things. With the value remain well above the US$12 mark – as predicted – the XMR market stability completes yet another day. Although there has been some minor volatility, it is doubtful serious traders took advantage of making pennies of profit per trade.
Monero Sees More Stability In General
It does not happen often a Monero price chart looks mostly flat, but today is one of those rare exceptions. Looking at the past 24 hours, the price has held around the US$12.2 mark for quite some time, before spiking to US$12.5 all of a sudden. Things somewhat quieted down ever since, though, as one XMR is currently trading at the price of US$12.4 Quite an intriguing development, indicating the uptrend for Monero is looking around the corner.
In fact, Monero went above US$13 mark several times over the past few weeks. Although all of these gains were temporary, things continue to look somewhat promising for investors. It is uncertain if US$13 will be reached again in the coming days, albeit it is not unlikely that will happen in the next 24 hours. Given the current developments in the trading market, it is possible Monero will see some minor gains later in the evening.
All things considered, Monero is enjoying a 1.64% gain at the time of writing. That is quite significant, considering bitcoin has shown some signs of wanting to go up in value as well. If the XMR/BTC value can hold its own above the 0.012 BTC market, things could get very interesting for Monero over the next few days. In most cases, price gains for bitcoin lead to minor losses for XMR and other altcoins. Things could be different this time, although it is too early to tell for sure.
Not much has happened in the XMR/BTC market just yet, albeit it would seem a small downtrend is on the horizon. With a fluctuation between 0.01202 BTC and 0.01438 BTC today, things could get pretty tense for Monero. The positive thing is how the currency held its value above 0.012 BTC regardless, which seems to be the stable point of support for Monero right now.
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.