Monero is one of those cryptocurrencies that has managed to maintain its leading position in the market for several years, and to find out where it is going in the near future, we carry out an analysis and forecast of its price below.
At the time of this writing XMR is trading at $ 269.06, accumulating a 4.85% gain in the last 24 hours. Its market capitalization is $ 4.830 million, which makes it the 40th position in the Crypto Online ranking.
Let’s remember that Monero is a blockchain that specializes in offering the greatest possible privacy.
Many think that in the Bitcoin network it is possible to hide the identity of the person making the transaction, however, it is generally easy to trace operations back to the original source because the ledger is completely transparent.
Monero for its part is designed to hide senders and recipients, using advanced cryptography to achieve this. The development team ensures that the priorities of the network are to maximize privacy and security, but without neglecting ease of use and efficiency.
In addition to being a very good blockchain to carry out anonymous transactions, its currency is quite scarce, which makes it a good asset to protect long-term value, in case we think that its demand will continue to increase over time, or which will at least remain.
Monero analysis and forecast
Despite the fact that the price of Bitcoin is generating great positivity throughout the crypto market, thanks to its new all-time high, the price of Monero has still not benefited much from the bull tide.
In the weekly chart XMR vs USDT we see how the last three weeks have been little volatile.
However, the price has managed to keep the bullish direction intact, and it is very likely that a medium-term momentum is developing that is just beginning.
Having consistently rejected low prices, it is clear that buyers are the dominant force. Now the resistance at $ 315 must be broken to confirm that new momentum is in the works. The next target is at $ 469.50.
To think about short-term selling, support must be lost at $ 234.55. At the moment this is an unlikely scenario, and should it occur, we could see the bulls return quickly.
An all-time high is on the way
When we do an analysis of the monthly Monero chart, we see a behavior that casts a fairly positive forecast.
The first years of this cryptocurrency were glorious, accumulating an ROI of over 10,000% between 2014 and 2017.
After hitting an all-time high of $ 469.50, the price started a big correction alongside the entire crypto market. This corrective process bottomed out near support near $ 37.
Now a new bullish cycle is in the works, and if it looks just a bit like the first one, then XMR should go looking for a new high far away from the current one.
This will not happen overnight. Several fixes are likely to occur along the way. Either way, as the rally unfolds, the best idea is to go with the trend.
Monero analysis and forecast. Source: TradingView.
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