Monero has become a extremely desirable cryptocoin in recent times due to its rock solid price stability and its friendly and helpful community. The markets have been dependable for the most part of this year and particularly this month ke4ep prices afloat and stable. Lets take a look at the graphs for this week which have gained the attention of many considering the true value of the coin as the markets slowly shift.
The graph below gives us a impression of how Monero has fared over its lifetime. In the past week there has been plenty of healthy action as the prices slowly start their ascend leaving behind a period of stability. Currently the market cap is similar to the one achieved during the previous peak but currently the price of the coin is more subdued at 0.0025BTC compared to the previous peak of 0.0035 BTC. However a price increase of over 6% has been recorded for the past day indicating the level of growth the coin is currently experiencing.
Speculation
Currently the markets have shown good growth over the past few days at a sustainable and slow rate to allow for volumes and new capital to flow in and secure the new positions which are being taken up. Whilst march was one of the best months for Monero in which growth spiked to 0.0036 BTC, the rate at which this occurred had seemed risky to many. Whilst this price is encouraging and the current price movement is much more subtle, the chance that prices fall back to lower levels Is ever increasing. Monero has constantly received resistance when reaching levels of 0.003 – 0.004. This has occurred twice before when these prices were hit only for the coin to come back down as the markets deemed the value considerably inflated. However recent price movement indicates there is enough capital for another rise to 0.004 BTC but we may be in for a triple top as the resistance faced is huge restricting a lot of upward action. Currently I would give the coin a buy as there is still plenty of potential for a move to 0.004 BTC whilst there may be a selloff at this level profit is there to be made even if you make a purchase at current levels.
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