(Updated October 10, 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 October 10, 2021
This cryptocurrency analyst is very bullish about Ethereum and the possibilities that this digital asset is currently offering. XMR has been rejected from the 300 USDT zone and it is now moving close to 260 USDT per coin. However, this could be the moment for XMR to show its strength and target the 300 USDT zone once again.
However, there are some things that we should take into consideration. The digital currency could be moving towards 500 USDT per coin with different resistance levels throughout the way. These levels include 330 USDT, 410 USDT and 490 USDT. The stop loss for long positions is currently suggested by the analyst at 10% and for shorts at 5%.
The analyst is very bullish on Monero (XMR/USDT) despite the recent price decrease that has hit most virtual currencies in the market. As we can see in the current chart shared by the analyst on the 1-week chart on Binance, we see that XMR has now tested a very important support level, which has proven to be very useful in the last few months.
Now, the question is whether Monero’s price is able to sustain the current level or continue falling. If it falls, then it would have to confirm that it broke downwards. Instead, if it moves higher it would show that the current support level is definitely very efficient to help the cryptocurrency.
The XMR/USDT trading pair is currently showing that there is a larger demand for XMR. Buyers want to get exposure to this virtual currency, as explained by the analyst. As he says, the entry point for investors could be between 298 USDT and 315 USDT. However, if there is a correction, the buying entry should be between 258 USDT and 276 USDT.
Now, in order to complete this trade, investors should use a stop loss under 220 USDT per coin. If the price continues moving higher, there will be some take profit levels at 382 USDT, 440 USDT and 485 USDT. This could take place in the coming weeks or months depending on the general situation of the market.
This analyst has made a long-term analysis of the XMR virtual currency. As he explains, with Binance yielding to western European countries, it might be possible to think of Monero and other privacy coins in the coming months.
As he explains, there is a big possibility to currently be forming a large cup and handle pattern. This could be pushing XMR higher in the near future. As he explains, it could be possible to see also 150 USDT per XMR as there could be a BTC bearish scenario in the future.
In the charts, the expert shows that XMR could be moving towards the 500 USDT region in the next years, something that would allow it to move even further and test the 800 USDT region. This would likely happen if BTC and the entire crypto market continue growing.
For this analyst, the XMR/USDT trading pair could be moving towards higher levels. As he explains, there is good news for Monero, it can be purchased and held at current prices for the next few months.
In the charts, the analyst shows that XMR is now in a bull trend that started some weeks ago. There are also some resistance levels at around 288.80 USDT and 510 USDT, among others that are not shown in the charts. It would be very important to follow the next weeks in the crypto market. Specifically, Bitcoin and Ethereum would be guiding the whole space towards new highs or a fast correction before a resumption of this bull trend.
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.