Monero has seen of some tough times. Times whre many thought it may nearly beome worthless and other times where markets were at threat due to actions of huge whales. Whilst Monero is a much more diversified coin and so has managed to thrive on investor confidence on sentiment. Recently the price of Monero has fallen into a stable but dangerous pattern as stagnation often breeds the conditions for a crash or a much slower price decline. However recent market activity is currently indicative of something else. With the price slowly recovering it may be time for a move up as the markets correct themselves according to the natural state of development and speculative confidence.
Below is the 1 month chart for Monero which gives us a better overview of what is to come in accordance to past movements made in the market. Currently the trend seems to be upwards as the price movements in the recent seven day period indicate that the hardest times are behind Monero as a slow but well defined increase may be in store. With current prices standing at a price increase of over 5%, slow growth may lead prices to increase by a further 10% before the incline slows down.
Speculation
Currently it seem that the floor of the previous price decline has been reached at the level of 0.0021 BTC. From this level growth has occurred steadily over this week allowing for the current levels of 0.0023 BTC to be reached. Whilst this price increase may not seem significant, this increase does signal the arrival of a trend reversal. The price levels during the small dip were equal to the levels before the current price rise. This retracement of the markets has given the markets the momentum needed to push upwards into unknown territories. I would forecasts prices to hit at least 0.0024 BTC before a retracement may occur to levels of 0.0023 BTC. Whilst a turbulent future is in store for Monero in the short term I would say positive developments in terms of technology will help the long term outlook for the coin be set in stone as a success. Overall I would give the coin a Buy rating which may switch to a strong buy if levels of 0.002 are hit once again.
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