Monero Coin (XMR) Forecast Overview
| Monero forecast: Q1 2021 Price: $ 280 to $ 300 Price driver: Symmetric Pattern Breakout |
Monero forecast: Q2 2021 Price: $ 360- $ 400 Price drivers: Bullish Engulfing, EMA Support and MACD Crossover |
Monero forecast: 1 year Price: 800 dollars Price drivers: Double Top Resistance, Bearish Correction |
Just like Bitcoin and Ethererum, the cryptocurrency Monero has shown a dramatic upward trend recently. Given last month’s performance, the XMR / USD pair has gained + $ 150, up nearly 300% to trade at $ 220. Over a six month period, the XMR / USD pair is up + $ 150, or 273.54%, over the year. Currently the XMR / USD Live price charts suggest Monero (XMR) is trading at $ 198. Monero’s market capitalization is USD 3,653,624,934 and there are currently 17,837,278 in XMR floating around.
Recent changes in the Monero
| Period | Change ($) | Change (%) |
| 30 days | +42.73 | 30.94% |
| 6 months | +72.46 | 66.86% |
| 1 year | +114.73 | 173.54% |
Monero Live Chart
XMR / USD
For the newbies, Monero (XMR) is a cryptocurrency that focuses on being non-traceable and private. The design differs from Bitcoin in some important ways, but can be understood as a cryptocurrency like Bitcoin. It can be used to buy and sell things, and it can be exchanged for other coins or tokens. As mentioned earlier, the Monero XMR coin focuses on privacy and anonymity so that transactions involving XMR coins, like physical cash, can be completely anonymized. Monero was created in 2012 and is a branch of the Bytecoin blockchain, which was originally called Bitmonero.
One of the interesting facts about Monero (XMR) is that it is fungible and you have full control over your currency and transactions. Monero doesn’t have a preset size limit, much like Bitcoin, which means malicious miners can clog the system with disproportionately large chunks. In addition, Monero (XMR) will be one of the top three top performing cryptocurrencies in 2020 according to Oracle Time, and Monero is gaining worldwide acceptance as part of its privacy policy.
Is Monero a Good Investment in 2021?
According to our predictions, the Monero (XMR) is likely to trade bullishly and its price is expected to rise sharply, as is the case with its peer cryptocurrencies Bitcoin and Ethereum. The price of the Monero is currently at $ 193.42, but the price of the Monero is expected to rise to the $ 460 level by the end of 2021.
Why buy the Monero (XMR)?
Monero has a market capitalization of approximately 2.553 billion and ranks 14th among all cryptocurrencies by market capitalization. Because of this, users are convinced of the prospects for further development. In addition, like other cryptos, the Monero should be rated as more than just a payment method.
Here are some key Monero benefits:
Confidentiality – Secrecy is seen as one of the main advantages of the Monero XMR coin. Unique addresses and ring signatures enable senders and recipients to cover up their transaction routes. With Monero, users can rest assured that their purchases and transfers are safe from public leaks. Apart from that, transactions with the Monero are also safe from hackers. If a hacker succeeds in finding out the specific addresses of one of the parties, the system member can refuse the transaction due to obfuscation.
Security – The proof-of-work system and the blockchain make it possible to rule out transaction spoofing or serious DDoS attacks. The Monero (XMR) software runs on Mac, Windows, Android, Linux and FreeBSD.
Investment potential – In addition to being a cryptocurrency, Monero (XMR) is also a great investment tool. Let me remind you that the value of the Monero (XMR) increased from $ 1 to $ 300 between 2016 and March 2018. Since its creation, the value of crypto has increased by 8,900%. This is why many top experts suggest using XMR for investment portfolios as it is one of the most reliable and confidential cryptocurrencies out there.
Strong community – No cryptocurrency is ever considered unpopular as long as a community of miners, pools, users, and developers exists. It is worth noting that there are currently many developer groups involved in creating and implementing new project functions. Miners and ordinary users are also involved in the discussion about the future of Monero. More interestingly, hundreds of thousands of users worldwide use XMR on a daily basis, which makes the daily trading volume excellent.
Transaction speed – This is my favorite; The average time it takes to transfer coins from one address to another is only 2 to 30 minutes. When it comes to the Bitcoin network, the transfer time can be up to two hours (with a lightly loaded mempool). Monero is a reliable alternative to modern bank transfer systems with a high level of privacy.
Low Commissions – The commission does not exceed 0.05% of the transferred amount. Conventional transfers, on the other hand, can cost up to 1% or even more.
XMR / USD – Factors Affecting the Price of the Monero Coin (XMR)
These influencing factors will help you understand the market and predict periods of growth or decline based on current events. The predictions are typically based on the principles of technical analysis. Even so, we should all understand various factors that can affect the price of a particular asset, which in turn enables us to make reasonable investment decisions based on changing events.
Let’s take a look at the top three factors that can affect the price of Monero Coin:
1- supply and demand:
The relationship between supply and demand could be seen as a key factor that always affects the price of Monero Coin. It’s also worth noting that the relationship between supply and demand itself depends on many different factors. In simple terms, the price of an asset goes down when supply is greater than demand, and vice versa when demand is greater than price.
1: transaction costs (PoW / PoS)
2: reward system
3: Mining difficulty (hash rate)
4: Coin circulation
5: forks (rule changes)
2 – stock markets:
There are different types of news or events that affect the cryptocurrency markets either negatively or positively.
Let me share some key points:
i) Regulations: Governments around the world are beginning to understand cryptocurrencies as either legal assets or actual currencies. In this way, they classify them and experiment with regulatory measures for the young asset class. Regulatory action in the largest crypto markets will inevitably trigger prices. Regulatory measures that would restrict the use of digital assets are usually badly hit by the market.
ii) Security Breaches: The digital asset field is known for security breaches by teams of hackers who earn big bucks this way. Therefore, the dangerous state of the cryptocurrency markets usually sends prices from support level to support level when news of hacking becomes known.
iii) Current affairs: As modern investors enter the digital asset realm, these news items also play a key role in influencing the prices of digital assets. More and more people are starting to hedge themselves in cryptos to protect their value from the insecurity that traditional systems bring with them.
3 – interest rate
Since cryptocurrencies do not grant investors interest payments, rising interest rates tend to make the digital currency less attractive to market traders. When the Federal Reserve sets higher interest rates, cryptocurrency prices tend to be undermined as market investors pull their money out of speculative investments. It’s worth noting that the stronger US dollar has historically hurt the value of cryptocurrencies, and a rate hike only serves to boost the USD.
Technical Analysis – XMR / USD trades symmetrical triangle pattern – preparing for a breakout
Currently, the XMR / USD pair is trading with a strong bullish bias near the $ 200 level, and the technical side of the XMR / USD also appears to be quite bullish. The XMR / USD pair has formed an upward channel in the daily timeframe that is expected to offer resistance around the $ 210 level. The closing of a pattern of three white soldiers in the daily timeframe supports a strong bullish bias among investors; However, the MACD and RSI suggest that Monero has entered the overbought zone. It should have some correction before the uptrend continues. Therefore, the XMR / USD pair can go back to the Fibonacci level of $ 177 (38.2%) before additional bullish bets are placed. On the other hand, a breakout at $ 177 could extend a bearish correction to the 61.8% Fibo level of $ 157. On the higher side, a bullish breakout at $ 210 could drive buying trends all the way to the $ 287 level.
XMR / USD – daily chart – upward channel is violated
The XMR / USD pair has closed a symmetrical triangle pattern that is expanding resistance at the USD 200 level on the monthly timeframe. Given the recent bullish price move, the XMR / USD is likely to close a bullish devouring candle on the monthly timeframe, and if so, the bullish trend in the XMR / USD pair could continue. On the higher side, a bullish breakout at USD 200 could result in a strong buy on the XMR / USD pair. However, the pair should close some candles outside the symmetrical triangle to confirm the pattern’s breakout.
XMR / USD – Monthly Chart – Symmetrical triangle pattern in the game
The leading and trailing indicators such as moving averages, RSI and MACD support a buying trend in the monthly timeframe. Currently, the XMR / USD market price is trading near $ 200 and holding over the 50 EMA periods, indicating a buying trend. In addition, the MACD and RSI levels are staying within a buy zone above 0 and 50, respectively, indicating a strong bullish bias among traders. A bullish breakout at the USD 200 level could open more room for a buying trend for the XMR / USD pair through mid-2021 and later in the second half of the year, to USD 470, and we could see a bearish correction in the XMR / USD by the Range from 270 USD.
For 2021, let’s keep an eye on the fundamentals of the market to capture any change in the XMR sentiment. Good luck!
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