(Updated May 21, 2022) —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 in 2020 and 2021
Monero is also one of the virtual currencies that experienced a very good 2021. The cryptocurrency has experienced a hard 2020 in the beginning and then it started moving higher in 2021.
2020 started with the Coronavirus crisis pushing the price of Monero to the lowest point in over a year. Moreover, the digital currency moved higher towards new highs close to $500. Then, there has been a short period in which Monero started an accumulation trend that lasts until today.
Monero should face different challenges, including larger restrictions and regulations from regulatory agencies and exchanges. Hence, it might become more difficult for investors to get access to this virtual currency.
Monero (XMR) Price Prediction TradingView Analysis Updated May 21, 2022
This Monero analyst shows that XMR has been in a downtrend since 21st April and it has reached a bottom on May 12th at 120 USDT per coin. Then, XMR bounced and came back above a strong support region. This support price region is located between 130 USDT and 137 USDT. It has helped XMR remain above these levels for several months now.
Additionally, XMR was able to also break the falling trendline that started in mid April. That means that there could be a possibility for XMR to decouple from the whole crypto market and avoid falling further in the near future. However, there are many things to take into consideration. For example, would Monero be able to sustain its price above the trendline?
If that does not happen, then, the above-mentioned support level would be very important for the future of XMR.
For Monero (XMR/USDT) the analyst shows that XMR could have fallen from the ascending channel that has been working for several weeks now and that there were some other important support and resistance level. The price of Monero has followed the trend drawn by the analyst and has been a quite accurate price prediction for Monero (XMR) in 2022.
Now, we see that there are two major support and resistance levels: 245 USDT and 227 USDT. Both of them have now been broken and the analysis shows that there are two other support regions for XMR. These price levels include 208 USDT and 186 USDT. XMR is currently being traded at close to 216 USDT, which might be a good sign compared to other virtual currencies. It would be very important to see what will happen with the whole crypto market in the coming days.
For this privacy virtual currency, this analyst has performed a 4-hour analysis on Monero showing that there is a very important upward trend that has pushed this virtual currency to a price per coin of 290 USDT a few days ago. The coin is now in this ascending channel that started at the end of March and that has been respected very well throughout March and April. There has also been a strong move higher (bullish move) in recent days and the coin has now made a small pullback.
The expert says that this is a classical technical analysis and he sees that there could be a pullback towards 239.5 USDT per coin. If the trend breaks, then, we could see the virtual currency getting closer to 208 USDT. That would mean that the coin would already break the upward trend that started a few months ago. If the bearish trend continues for the whole crypto market, then we could see Monero getting closer to 141 USDT per coin.
XMR has been moving higher in recent days and in different timeframes despite the recent move downwards of the whole crypto market. We see that XMR is now trying to break through a strong resistance level at 226 USDT. This level worked in the past as resistance and also as support. This means that the market will have to push stronger if it wants to break that level.
Another thing that is worth taking into consideration is that there are also other support levels in case the market moves downwards for Monero. These levels include 209 USDT, 200 USDT, 182 USDT and 154 USDT. This does not mean that they will be broken, but we have to pay close attention to these price levels if the market turns bearish in the near future, especially if Bitcoin continues to fall or if it moves below 40,000 USDT.
Monero has also been moving higher in recent days. This has been helped by the whole cryptocurrency market that pushed the price of the virtual currency even higher. This analyst shows that XMR has been in a descending wedge that could now be broken and could help XMR move towards 250 USDT per coin.
The expert says that it might even be possible for XMR to break through 250 USDT and hit 300 USDT per coin if things stay bullish in the market. Furthermore, we need to take into consideration that the whole market could remain bullish in the coming weeks and months, which could be very positive for XMR in the short term.
If Bitcoin breaks above 45,000 USDT, then we could see the whole crypto market moving higher following Bitcoin’s breakout. But this would require an explosive move from BTC and other digital currencies.
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.