(Updated October 25, 2020) —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 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 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 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 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.
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 October 25, 2020
According to the analyst, there has been a big shooting star candle pattern on the weekly chart for the XMR/USDT trading pair. In addition to it, he stated that the previous swing high support was at 113.44 USDT and that we are now forming a bull flag for Monero.
This bull flag has been broken upwards and this could be a very bullish thing. Bulls have been defending this resistance level and it may be possible for XMR to continue its bull trend with the entire crypto market following as well. Currently, XMR is being traded at around 131 USDT per coin.
As you can see in the chart, Trendline Resistance and Andrews
Btc is gaining dominance back again because of BTC Halving.
Possible Head and shoulder formation in play with strong support needs to hold around and horizontal line.
If someone is looking to buy it against Bitcoin , the analyst recommends buying at confirmation line with a very high probability of success.
If head and shoulder formation will complete and break. The analyst expects prices to go further down towards the last line of defense.
Trade this pair cautiously along with other pairs with Btc as Btc is running the show.
It doesn’t mean that XMRUSD pair will not go up, this analysis is in relation to Bitcoin.
XMR on the
According to the analyst there are 2 scenarios :
A. Daily break resistance and we target 80.40
B. A clear rejection and a throwback
Both targets are on the chart.
The analyst says that Monero is in a beautifulhere. We can see the price oscillating very heavily at the moment. Such is fantastic for traders who want to get several or more scalps in.
You can trade a long position every time the price gets near the bottom support line, which will give you agiven the overall of this channel.
On each trade you can aim to get around 1-1.5% profit, and repeat as often as you can until the pattern gets invalidated.
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.