(Updated July 18, 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 July 18, 2021
As the analyst shows, it might be possible for Monero (XMR) to move higher towards the 360 USDT region. In order for that to happen, there will be different resistance levels that we should closely follow. For example the 220 USDT region is one of them. However, then there will be another resistance level at around 270 USDT and the last one at 350 USDT.
When we see the support levels that the expert drew on the charts, we see 180 USDT being the closest support at current prices (200 USDT per coin). Although things could change in the future, XRM highly depends on how Bitcoin moves in the coming days and weeks.
As per the analyst, Monero is one of the old cryptocurrencies that has retained its value in monetary terms. At the same time, it continues to offer a good service: anonymity. The virtual currency has a large buying pressure from those users that want to have privacy for long years.
The chart shows that the price of Monero will most likely not fall below the zone of $152 and $162 per coin. In addition to it, he explains that a global pattern can be formed on the chart to continue the cup and handle pattern that has been formed already in the past. If that happens, we could see Monero reaching a price per coin of around $1820.
The expert says that XMR is one of the altcoins that shows a strength-breaking downtrend channel. As per the analyst, once xmr clears the 200 EMA on a 5-hour chart, we should expect the next take profit to be hit.
Moreover, we should take into consideration that Bitcoin remains the most important cryptocurrency in order to determine price levels in the market. This is why we should also pay close attention to its moves and its behaviour. The analyst shows that it could be a good moment to buy between $275 and $267 per coin.
The exit price is $253 and $249 with stop loss to avoid further losses.
For the XMR/USDT trading pair, we see that the analyst was showing a possibility for Monero (XMR) to move towards the 320 USDT region, something that later happened after breaking from the wedge that was displayed by the expert. The digital currency broke upwards from that wedge, reached a price per coin of 315 USDT and then moved down again to retest the support level of 272 USDT.
Now, it would be important to follow how the XMR virtual currency will operate in the near future. It might be possible for it to continue moving higher if it remains above the current levels of 280 USDT per coin.
For the XMR digital currency, the analyst sees that the token has been one of the coins with the strongest reversal in the market after the sell-off that we experienced a few days ago. However, the bullish channel has been recently broken as the digital currency continues to fall close to the $205 level.
Of course, the analyst is very cautious about the current situation of the market. The BTC outlook could change at any moment and turn from bullish to bearish. The situation could change at any moment and the analyst believes that it is important to always take profits when we are able to do so.
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.