[June 13, 2019] — As many know, Monero XMR is a cryptocurrency focused on the principle of enhanced privacy when conducting transactions on the blockchain. The project has been successful at positioning itself atop the privacy-focused coin market; thanks in part to its strong team and community. We’ll detail updates on both as well as a technical analysis of Monero XMR price.
Experts’ Opinion On Why Monero 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 just outside the top ten on crypto charts with a market cap of over $1.5 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;
According to Crypto_Analyst, with XMR price closing above 0.01179518, this implies that there is a resumption of the bullish swing from May 13, 2019. The one-hour time frame of Monero (XMRBTC) is presented using a log scale. The price action that is covered above focuses on the bearish price channel to the current date. A break out with XMRBTC closing above the upper boundary of the channel offers evidence for a termination of the current downtrend.
Additionally, there is a sideways price action that has followed the channel with the formation of a symmetrical triangle (coil) that reflects a balance in power between XMRBTC bulls and bears. However, it’s important to note the presence of a pennant structure inside of the symmetrical triangle – which is an acceptable formation as chart patterns can naturally nest inside one another.
So, the pennant is ideally a continuation pattern that suggests the previous trend is bound to resume upon completion (or confirmation) of the chart pattern and this case its bullish. The horizontal lines of support and resistance boundaries are also indicated in the one-hour timeframes with a close below 0.01012464 indicating resumption and bearish strength.
The most conservative entry into an extended position, therefore, involves buying Monero on a break above the uppermost boundary of intraday resistance at ~0.01179518. Buying on a break immediately after a break of the pennant to the upside is considered less conservative as it anticipates a break above resistance and therefore resumption of bullish momentum.
Ovvnyou wants to believe that third time will be a charm after previously trying to call altcoins twice and failing. He sees Monero as the safest bet in crypto currently but the least rewarding. Alt charts should be making their way to the “disbelief stage vs USD” very soon now that Bitcoin has had its steep “suckers rally.”
We have seen the altcoin market act like this before, back I December 2017. We have also seen how BTC has been moving lately now the question is, could we see a repeat of what happened back then?
According to Wolf_rojo, Monero has held pretty quietly while loading into a pattern. It seems XMR is setting up the same candlestick format as its local bottom back in August of 2018. Back then, Monero saw a -30% decline into a triangle before exploding out with a 47% gain. It blew off steam at the 0.65 fib extension where it met a correction.
Similarly, we are also looking at another -30% decline into our triangle; however, this time around the analyst’s eyes a smaller jump than before. “My trade setup R: R is 5.7 (4.3%—>24.6%).”