[Updated October 31, 2019] —Created in April 2014, Monero is a privacy coin that allows private, untraceable transactions that are unlinkable and resistant to analysis. Currently trading at $59 XMR has lost over 84% of its value from its all-time high established in December 2017. July began with fears that there was a bug within the Monero code that was being exploited to steal funds from exchanges. However, the vulnerability has since been fixed. In this piece, we are going to take a look at a few reasons why the price of XMR is likely to rise from expert opinions to the latest developments and technical analysis of the charts.
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 currently sits at number thirteen 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.
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.
Technical Outlook On XMR Price
Here is what analyst think of XMR price;
The analyst says that the performance of Monero was better than ZCASH and ETH over the last few weeks. The Price pullback $66 level with the inside bar which he missed. However, if the price brakes out of the current resistance level, which is at $77.5, XMR can now try $100.
The analyst targets are:
Buy stop: 78.06
Stop Loss: 69.33
This PRZ area should be used as stop loss in case of complete candlestick closes below this zone.
Volume profile is showing less interest of traders at PRZ level, but MACD is strongly bearish, and Stochastic is in the bear cross, so for a secure trade, we can wait for MACD to turn weak bearish or for stochastic to give bull cross then buy from the potential reversal zone.
The analyst has used the Fibonacci sequence to set the targets:
Buy between: 54.991 to 53.916
Sell between: 55.705 to 57.596
This is the analysts first look at XMR/USD , and he gives Monero a super-bullish sentiment.
All technicals check out: BB, MA, RSI, MACD, PSAR, Candles, and even Parabolas. Parabolas are great for revealing trend changes inside a trend flow. Especially in this chart, it’s clearly visible (marked “bullish signal”). Once a stock exits a ‘parabolic resistance’ trend line, it follows it (tightly packed) on the outside. This signals indicate an imminent breakout as it sits and loads on top of the ‘parabolic support’ trend line.
I’m giving it a price target of 170+ by early 2020 (Jan/Feb), the ATL could be cracked by mid-2020 (May/Jul). And once the last resistance has been taken out, there is not much that could hold this down until a theoretical price target of near 3000. This is measured by connecting a trend line from the ATL peak, parallel to the ‘lower trend line’ (forming a ‘channel’). This is obviously still in the stars, but for now, let’s aim for that ATL.
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. 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.