Monero Price Bottoming and Breaking Out?
Dec 27, 2014 --- (ARCHIVED) Altcoin Price Reports
Monero - A Rising Crypto Star?
Monero has been a rising star in the cryptocurrency world in the first part of 2014. This was before it plunged from its high of 58100 Satoshis to 9100 Satoshis on December 17, 2014. This big decline resembles a percentage drop of -82.16%. The Monero price decline is a prominent example of the "pump and dump" reality in the cryptoworld: New altcoins get hyped up by large holders. This creates broad awareness. Then, altcoin traders and speculators jump on board and the price rallies. Finally, large holders dump the coins and cash in. And as a result, the mass bag holders remain and encounter severe losses.Predicting The Monero Price with Fundamentals?
This again shows that "fundamental" news don't really help to determine the most profitable trading strategy in cryptocurrencies. In summer 2014, loads of fundamental news surfaced about Monero. Still, the price did not rally any further.Technical Chart Patterns For Monero Price Forecasts
Instead, a simple look at the technical chart pattern of the Monero price (XMR) could have revealed the simple truth. XMR/BTC and XMR/USD has been trapped in a persistent downtrend since late summer 2014. But this is the past.Technical analysis of cryptocurrencies
helps us to look into the future: The 9100 Satoshi low was a little more than one week ago. Since then, we can see a bottoming process with strong volume. The Monero price as measured in bitcoins has rallied +59.34% from the December 17 low.
When looking at the monthly Monero price chart below, we see that the short term downtrend has been broken. Based on our research, we believe that the next weeks will be very volatile for Monero. Those weeks will offer exciting trading opportunities.
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