(Updated August 14, 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 August 14, 2022
This cryptocurrency analyst shows that Monero’s price is in a free fall while crashing with the whole cryptocurrency market. The coin has broken below 155 USDT and the middle BB. According to his analysis, based on the candlestick arrangement in the daily chart, the path of least resistance is bearish.
The expert explains that after impressive gains from June and August, XMR prices are retracting. Now, the analyst says that we should watch out for some important levels. The main resistance price is 155 USDT and the main support level is 130 USDT. Therefore, we should focus on how the price will evolve in the next few days.
For XMR, this analyst shows that there was a strong resistance zone close to 155 USDT per coin. This resistance zone was broken and it pushed the price of this virtual currency to 166 USDT in just a few days. The analyst has also shown which could have been a support level in case the coin couldn’t break through the resistance zone of 155 USDT. This support region was at 148 USDT.
The coin has now re-tested the strategic support zone (that was before resistance) and it remains close to 157 USDT per coin. The future of this digital asset will be marked by Bitcoin and what could happen with the whole financial system. Financial markets are guiding Bitcoin and other digital currencies, Monero does not seem to be an exception to this rule in the near future.
This XMR analyst shows that this privacy currency has moved above a very important resistance level in the 1-hour chart. As per the analyst, there are several reasons to be long for this virtual currency. He talks about volume appearing at current levels, the current level is clean, and it looks stronger than the whole market. The important support level drawn by the analyst is 132 USDT and it will be very important for XMR to stay above that price level.
It is also very important to follow XMR and see whether this virtual currency follows the general trend of the market or if it will start moving higher alone, decoupling from the rest of the virtual currencies. Usually, when Bitcoin grows or falls, most altcoins follow the same trend. Therefore, we could see XMR taking advantage if it starts a bull trend before the whole market.
This Monero analyst shows that Monero has recovered after falling to a very important support level at 108 USDT per coin and it is now being traded in the middle of a parallel channel at 116.8 USDT. Monero holders are paying close attention to what is happening to the market as new regulations will affect users’ privacy in the European Union (EU).
Another thing that is worth taking into consideration is that Monero has been relatively stable over the last few weeks, therefore it worked well compared to other virtual currencies with more volatility in the crypto industry. The analyst says that their previous trade was close generating an entry of 15%:
As with other virtual currencies, it is very important for Monero investors to follow what happens with Bitcoin and how the largest virtual currency in the world could change XMR’s direction.
This Monero analyst suggested that it was possible for Monero (XMR) to start recovering in the next few weeks as the market continues to move lower. We see that the virtual currency has broken below a very important support level and that this could push XMR towards 61.5 USDT and 84.5 USDT per coin. This price range will act as a strong support level for this digital currency.
Another thing that is worth taking into consideration is that, in the mid term, there is a possibility for XMR to continue moving higher and recovering after the recent market sell-off. As this analyst shows, there could be a move towards 121 USDT first and then to 171 USDT. If these two resistance levels are broken, then we see 239 USDT and 272 USDT as the main targets for this digital asset.
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.