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Monero Price Prediction – Downtrend Continuation?

  • Thomas Hughes
    📈 Price Predictions

    Similar to almost all other cryptocurrencies in the top 20, Monero (XMR) reached a top in early January 2018 and has been falling ever since


Monero Price Prediction – Downtrend Continuation?
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Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Monero was initially launched in April 2014 as a fork of Bytecoin, under the name BitMonero. Ever since its inception the coin has been focused on anonymity, private transactions, and decentralization. Monero’s trading symbol is XMR, it uses the proof-of-work algorithm CryptoNight and is designed to be ASIC resistant (good news for small miners).

The protocol uses an obfuscated public ledger and Ring Signatures which mix the sender’s transactions with a group of others. This system makes it more difficult to establish links between sender/receive thus providing anonymity for users. Further, the use of “stealth addresses” makes it impossible for third parties to discover the actual destination address which is known only to the sender and receiver.


Mainly due to its privacy-oriented nature, Monero became the cryptocurrency of choice for dark markets users. In the first half of 2018, it was used in 44% of crypto-related ransomware attacks which is a concern for traders and HODL’ers.

XMR/USD Technical Outlook – The Big Picture

Currently trading around $43 Monero reached its highest price in early January 2018 when one XMR was worth 496 US Dollars. The privacy coin is now sitting at the 13th spot in market cap rankings with a total supply worth just over $731 million.

Similar to almost all other cryptocurrencies in the top 20, Monero (XMR) reached a top in early January 2018 and has been falling ever since. The pair has been printing lower lows and lower highs for the entirety of 2018 which is a staple of bearish trends. This one doesn’t show clear signs of coming to an end.

XMR/USD chart

Between June and November 2018, the price of XMR was trading inside the horizontal channel created by 145 resistance and 80 support. It has since exited said channel and is approaching the long-term support at 30 which I consider to be the next target on a weekly chart.

The Relative Strength Index has been crawling at the bottom of its range since the beginning of December, but it is not clearly oversold so the only argument for retracement higher remains the fact that the downtrend seems to be losing steam. However, that alone is not enough indication that prices will rise in the near future.

XMR/USD chart

On a Daily chart, we can see the same clear downtrend with the pair below the 100 days Exponential Moving Average and lower lows printed on a constant basis. Daily support sits at 38, resistance at 60 and the latest price action is flat, which makes it hard to anticipate the next short-to-medium term direction. However, from a long-term perspective, the pair is headed south so we expect to see a break of 38 followed by a move into 30 and possibly lower.

Daily Chart Support: 38 (the exact price differs depending on exchange)

Weekly Chart Support: 30

Daily Chart Resistance: 60, 100 days EMA and 80

Weekly Chart Resistance: 80, 145, 310

Most likely scenario: continuation of the downtrend, move below support

Alternate scenario: extended sideways price action, possible moves up based on downtrend exhaustion; keep in mind these are technical scenarios, which can be invalidated by fundamental developments

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TOP 3 Price Predictions: Bitcoin (BTC), Ethereum (ETH), Ripple (XRP) — Should Buyers Fix Their Profit or Not Yet?

  • Denys Serhiichuk
    📈 Price Predictions

    It looks that buyers are fixing their positions. In this regard, is that a chance to buy or we need to follow the general market mood?


TOP 3 Price Predictions: Bitcoin (BTC), Ethereum (ETH), Ripple (XRP) — Should Buyers Fix Their Profit or Not Yet?
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Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Contents

The situation on the cryptocurrency market has not changed a lot comparing to Thursday. Prices of most coins out of the top 10 have been reduced, however, there are 2 exceptions from the rule. Binance Coin and Litecoin are those ones that keep going up when other coins are ’’relaxing’’.   

Especially it is remarkable for BNB, whose rate has exceeded $20.


BTC’s domination rate is stagnating and now constitutes 52%.

BTC/USD

Friday, Apr. 19 has started for the main cryptocurrency with a red bullish candle, pushed down BTC from $5,274 to the $5,200 mark. Currently, the quotes are trading in the $5,200 - $5,250 corridor.

BTC/USD chart by tradingview

Yesterday, the main cryptocurrency managed to overcome the resistance of the Fibonacci level and tested the mark of $5,276 (61.8%).

If today we manage to return to this level, then the path to the $5,300 mark is possible. The target level of bulls will be reached, after which a pullback will start to fix positions.

On the whole, the BTC maintains an upward priority, but in the coming days, a flat range is also possible.

The price of BTC is trading at $5,256 at the time of writing.

ETH/USD

A general picture for Ethereum is even better than for BTC, as its price has not reduced so much.  Yesterday, the asset touched the $176 mark but was not able to consolidate it and rolled back to $170.

ETH/USD chart by tradingview

On the 1-hour chart, ETH has all efforts to come back to the $180 mark, which was achieved on April.10. That is confirmed by the RSI indicator and trade volumes.

👉MUST READ Ethereum 6 Month Price Prediction – ETH Price May Touch $375 Very Soon. ETH/USD Price Forecast 2019
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However, taking into account fundamental factors, some Ethereum based projects have started to migrate to Binance Chain network. If such a trend continues, it could negatively affect the ETH’s rate.

The price of ETH is trading at $171.89 at the time of writing.

XRP/USD

Ripple is the biggest loser from the top 3 coins, as its rate has dropped by more than 2% over the last 24 hours.

XRP/USD chart by tradingview

The price of XRP is trading at $0.33 and continues to move within the growth and the downward channel. The quotes XRP/USD are moving inside the Ichimoku cloud, which indicates the presence of a lateral trend for Ripple.

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An impetus for growth renewal can be the recent news concerning the Huobi exchange which added 3 more trading pairs for XRP.

The price of XRP is trading at $0.3322 at the time of writing

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