Monero Price Analysis – Bearish Trend Can Turn Bullish Depending on Bitcoin’s Momentum

By March 7, 2017Bitcoin Business
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Monero Price Analysis – Bearish Trend Can Turn Bullish Depending on Bitcoin’s Momentum

After the recent days of optimism and success for Monero, things are heading in the opposite direction once again. The value per XMR has dropped by over 6% in the past 24 hours, which does not bode well for this alternative cryptocurrency. Then again, the market may turn around again in the next few days once all of the volatility calms down.

Monero’s Price Goes Down As Bitcoin Bears Return

Earlier today, the bitcoin market saw a significant retrace all of a sudden. More news distributed by the PBoC has put a lot of investors and speculators on edge, even though the news is not all that negative. Panic selling is an integral part of the bitcoin ecosystem, unfortunately, and volatility can occur at any given time. Unfortunately for Monero, this trend also reflects badly on the altcoin, as its value took a significant hit in the process.

Over the past 24 hours, Monero lost over 6.5% of its USD value. That is quite a significant drop in value, although things could have been a lot worse. Luckily, it appears bitcoin is already recovering, which will help stabilize the Monero value as a result. Then again, it make take a few days, or even weeks, before things go back to the way there were just 24 hours ago.

One thing not aiding the Monero value right now is how the USD market is shrinking once again. Although there is still close to US$700k in trading volume on the books right now, this number may drop well below the half million mark very soon. Traders relying on the US Dollar have a tough decision to make, as they can buy cheaper bitcoin or gamble on Monero.

Interestingly enough, Monero seems to lose less ground against Bitcoin over the past 24 hours. Right now, one XMR is valued at 0.01157 BTC, which represents a 2.36% loss. If bitcoin’s price recovers in the next few hours, this loss may push Monero back to its US$15 value automatically. It is not unlikely we will see US$15 and even US$16 soon, although the trend will heavily rely on what happens to bitcoin first and foremost.

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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