In the last 24 hours, the prices of various cryptocurrencies have risen slightly, including Bitcoin, Ethereum and Monero.
In many cases these are just normal daily oscillations, but for XMR perhaps this time there is something more.
The case of Monero
To tell the truth, the price of XMR had managed to record a +2.4% in the last 24 hours, but this morning it ended up losing all this gain accumulated starting from yesterday.
However, the situation changes if observed in the medium/short term.
Although it is currently at -6% compared to seven days ago, it is at +19% compared to a month ago.
It should be noted that Bitcoin is at -2.8% compared to seven days ago, and at -1.7% compared to thirty days ago, while Ethereum is at +2.5% compared to seven days ago and +15% compared to to a month ago.
So in the short term Monero is doing worse than BTC and ETH, but it is doing better in the medium/short term.
2024 had opened at $165, but in February it suddenly sank to $100. Even in mid-April it seemed to be stuck at this level, but starting from the second half of April itself it began an interesting upward movement.
In particular, it recorded an interesting +55% from April 18th to June 12th, and then retraced only slightly to just below $169.
So it has basically recovered all its February losses, and is back in a price area within which it had already lateralized for several months from October last year until January this year.
At present, the daily Monero price chart shows a bullish pattern thanks to a so-called golden cross.
The reasons for this rebound are unclear, although some suggest that they may be somehow linked to the recent crackdown on botnet mining in some European countries. Botnet mining is an illegal practice that uses other people’s devices to mine XMR.
The fact is that Monero price has yet to rise above its two-year range above $185, suggesting that it may have the potential for an imminent breakout. In particular, the 50-day simple moving average has surpassed the 200-day SMA, thus drawing a golden cross.
It’s a bit short to make bullish predictions, but if nothing else it’s a small positive sign that hasn’t been seen on Monero for a long time.
The Ethereum rebound: price analysis and comparison with Bitcoin and Monero
Ethereum’s rebound, however, is more solid.
The +2.5% of the last week, and above all the +15% of the last 30 days, constitute a performance that is clearly superior to that of the price of Bitcoin.
The key issue appears to be the actual landing on US stock exchanges of the spot ETH ETFs approved by the SEC in May.
The landing is only scheduled for the first few days of July, so there are still about a couple of weeks to go, but perhaps this is precisely why there are those who are buying in the hope that that event will end up causing the price to rise.
To tell the truth, the current level is decidedly lower than the $3,800 of June 7, but after falling below $3,400 two days ago, the return to $3,600 should be interpreted as a positive sign.
On the one hand, the price trend of Ethereum at the moment probably suffers from the negative influence of the downward lateralization of Bitcoin, but on the other hand it really seems ready to return above $3,800, or even to $3,900 at the end of May.
Indeed, if a temporary mini-rally were to be triggered, as happened for example in the days before the spot Bitcoin ETFs landed on the stock exchange, it is not even absurd that it could update the annual highs of 2024 above $4,000.
However, two negative factors must also be taken into account, namely the fact that ETFs on ETH may not have similar success to those on BTC, and that after the actual landing on the stock exchange the price of ETH could retrace, as happened to BTRC a end of January.
The situation is therefore potentially good, but reality often disappoints expectations, especially if these are excessively optimistic.
The lateralization of Bitcoin
As far as the price trend of Bitcoin is concerned, however, there is very little interesting to say.
With a Dollar Index that went from 104 to 105.5 points in less than two weeks, paradoxically it is even a good sign that the price of BTC only dropped from $71,000 to just under $66,000.
Furthermore, after reaching $64,000 a couple of days ago, it recorded a rebound which seems to have put an end to this descent.
The problem, however, is that the Dollar Index may not have exhausted its momentum, but may simply have taken a break in the last three days and then perhaps returned to growth in the next few days.
It should not be forgotten that the bottom of this downward lateralization remains the $56,500 of May 1st, and that the bottom for the month of June has for now remained well above that minimum.
At this point, if in April we could talk about a decreasing lateralization, from May to today we must instead describe the trend as a pure lateralization, given that the minimums seem to be rising.
Furthermore, in the event that a mini-rally in ETH occurs in the coming weeks, the price of Bitcoin could also benefit, although the direction could then reverse after the actual landing of the ETFs on the stock exchange in July.
