(Updated April 11, 2021) —Created in April 2014, Monero is a privacy coin that allows private, untraceable transactions that are unlinkable and resistant to analysis. Currently trading at $55 XMR price has lost over 84% of its value from its all-time high established in December 2017.
Monero (XMR) begun 2019 trading at around $46. Its price would steadily rise, managing to peak at about $120 by mid-June. However, that was as good as it got for the privacy-focused cryptocurrency.
The second half of the year saw a slow decline with XMR ending the year at around where it had begun. However, less than two weeks into 2020, XMR price is on the move again, and this time on the upwards. Its up 26%, and this momentum is expected to continue as the year grows older as users seek to keep their transactions anonymous.
In this piece, we are going to take a look at a few reasons why XMR price is likely to rise from expert opinions to the latest developments and technical analysis of the charts. Let’s go into expert’s opinion on XMR price.
Experts’ Opinion On Why XMR Price Will Rise
For years, the cryptocurrency community has praised Monero for demonstrating legitimate development work and innovative privacy features for its users. As such, the coin’s rise in value has always been expected. XMR price currently sits at number ten on the crypto charts with a market cap of over $1 billion. Let’s take a look at why expert’s think Monero’s price is bound for greater heights.
The coin received a major boost from Peter Todd, a reputable Bitcoin Core developer, who stated that he prefers Monero over other digital currencies since it is a genuine crypto. He went on to say that the coin offers better privacy, it’s built on some real development work. It provides better security and privacy solutions.
John McAfee also gave a positive prediction regarding Monero. While he did not provide an exact Monero price prediction, he stated that the platform has the potential to challenge Bitcoin as a leading digital currency. He has been very vocal in support of Monero in several interviews and through several tweets.
Additionally, Riccardo Spagni, a core developer of the cryptocurrency, stated that the digital currency was developed to safeguard user’s privacy. As such, this feature has led to its widespread use by criminal hackers. This extensive use may see the coin’s price increase in the future.
Other factors influencing XMR price include;
Monero’s Strong Community Steps Up
Despite becoming more reputable by the day, the cryptocurrency community is still plagued by bad actors, malware and scammers. On a deeper level, some traditional institutions have expressed concern over cryptocurrency being used for illicit means, such as money laundering and funding illegal operations.
On the back of such concerns, community members from market-leading privacy coin Monero (XMR) are looking to launch an initiative to combat common crypto scams.
The initiative announced on Monero’s official site by Justin Ehrenhofer comes from a community with a vested interest in changing the public perception of certain coins. The same reasons that Monero has attracted a large number of advocates also invites concern from others.
Due to its private, untraceable nature, Monero has become a favorite for scammers. A recent report showed approximately $175 million in Monero had been mined by “cryptojacking” programs. The number is far more than any other coin, and represents more than 5 percent of the total circulating supply of XMR. This could definitely affect XMR price.
In Ehrenhofer’s announcement, he stated the accessibility of Monero’s mining algorithm was a positive thing, but unfortunately opened itself to bad actors.
“While the vast majority of users take advantage of these features for good, some attackers use Monero to earn money from machines without users’ consent. They may run miners on webpages that activate without a user’s consent. They may infect machines or hide it in other packages and run mining software. They may infect machines, encrypt the local files, and demand a ransom payment in Monero. The Monero community condemns this malicious, non-consentual use of equipment to mine.”
The community initiative to combat malware comes in the form of an educational website, with advice provided by a community-driven group called the Monero Malware Response Workgroup. The site will provide diagnoses and action plans for Unwanted In-Browser Mining, Unwanted System Mining, and Ransomware attacks.
Users can access the group’s content at https://mrw.getmonero.org/
Further positive Monero news comes from ViaBTC, which has launched a Monero mining pool that comes with a 50% reduction in mining fees for the first three months of subscription.
Monero (XMR) Price Prediction TradingView Analysis Updated April 11, 2021
According to the analyst, there is a possible uptrend for the XMR digital currency. The green line that he shows in the chart is signalling a bullish move. Furthermore, this could take place in the near future.
At the same time, the chart shows that the market stayed at the same prices for some time. However, there has been a golden cross a few hours ago that could be very positive for Monero, one of the oldest and private digital assets in the market.
As he explains, there is no speculation in this chart and of course, this is not investment advice.
As per the analyst, XMR is looking very bullish for the coming days and weeks. As he says the candle that was drawn yesterday was a strong bullish engulfing candle that has closed back above the resistance level at around 219 USDT.
Now, the analyst considers that the digital currency could first move to 250 USDT and then re-test the support level of 240 USDT. If everything goes as expected and the market remains bullish, then we could see XMR reaching a price per coin of 290 USDT. This, however, if the crypto market continues to move towards new highs in the coming days.
For the XMR/USDT trading pair, the analyst shows that there is a pivot resistance at 229 USDT per coin. The goal was to sell at 228,50 and a stop at 238,20. The preferred trade, as per the expert, is to sell into rallies.
In addition to it, he stated that there is early optimism in the market. This could lead to gains and extended attempts to move higher. However, these breakouts could eventually fail and make XRM retrace to previous levels.
The analyst shows some resistance and support levels. The resistance levels include 225 / 230 and 235 USDT. The support levels are 213 USDT / 205 USDT and 200 USDT.
The analyst for this virtual currency sees a bullish divergence on the daily chart for XMR. The USD chart shows that the negative momentum has played out and was bigger this time compared to the last low. Nevertheless, he considers that the bearish move did not manage to push the price of the virtual currency lower.
In the chart, he shows that XMR was able to retest the support level that was close to the 172.20 USDT region and the virtual currency seems to be moving higher in recent hours. Nevertheless, it is certainly important to see how BTC/USDT will behave in the coming days before understanding the full potential of this virtual currency.
This Monero analyst is showing that on January 10 there has been a fierce struggle in the XMR market for the range of 168 and 172 USDT. Trading volumes continue to be very high and allowed the coin to move higher in recent months.
The chart shared by the analyst shows that Monero could have moved downwards. However, this did not happen in recent days. It is worth mentioning that Monero has almost doubled its price in a matter of weeks and the price could now be at a moment of correction. The price shows XMR reached $254 per coin and it is now being traded close to $230.
Over the past two years, fundamentals show active and continued incremental upgrades that have helped reduce transaction costs, improved custody solutions, transaction efficiency, and blockchain pruning.
All these improvements, coupled with the above bullish expert opinions and technical analysis, predict a bright future for XMR price. With the current reset as the market prepares for the next rally, it would be wise for any investor to get their hands on some XMR. Follow our detailed guide here to learn how to buy XMR on Binance.