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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) — Market In Uncertainty or Bulls Are Back In The Game?

  • Denys Serhiichuk
    📈 Price Predictions

    Bulls are not going to pass the baton to bears. When should we expect a market reversal? The following price analysis will help you to answer this question


TOP 3 Price Predictions: Bitcoin (BTC), Ethereum (ETH), Ripple (XRP) — Market In Uncertainty or Bulls Are Back In The Game?
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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 cryptocurrency market did not follow the scenario of last week and keeps trading near the zone of local maxima. Since the next pullback has not occurred and the growth continues, we can safely talk about the resumption of the qualitative upward trend.

At the same time, CME data show a decline in interest of investors involvement in Bitcoin futures.


As altcoins have recovered, BTC’s domination rate reduced and now is 52%.

BTC/USD

Technical analysis of Bitcoin shows moving to an important resistance level of $6,000. In the case of continued growth and breakdown of the upper boundary of the channel, we should expect the resumption of a full-fledged upward movement. In this regard, the RSI Prediction Band also indicates bullish tendencies.  

 BTC/USD chart by tradingview

Based on a 4-hour chart technical analysis indicates the formation of the Triangle pattern, which shows that BTC is unlikely to move below $5,250. In the case of the breakdown of the upper boundary of the model and closure above $5,500, one can expect continued growth with a potential goal of $5,700. An additional signal here is the test of the support line on the Relative Strength Indicator (RSI).

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The price of BTC is trading at $5,292.45 at the time of writing.

ETH/USD

The main altcoin synchronously with Bitcoin at night showed positive dynamics, as its price increased by more than 3%. The ETH/USD pair pushed away from the support of the 200th EMA at the level of $155 and rapidly soared above the fast 50th EMA at the area of $165.

ETH/USD chart by tradingview

One more resistance area is located at $174, the break of which will push the asset closer to a psychological zone of $190.00. A breakout of this level will indicate confirmation of a rise in
ETH/USD quotes.

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The price of ETH is trading at $171.63 at the time of writing.

XRP/USD

Among the top 3 coins, Ripple has shown the biggest growth over the past 24 hours. Investors and traders are showing interest in the coin, as its market capitalization has increased by around $300 million over the last day.

XRP/USD chart by tradingview

Taking into consideration a technical point of view, Fibonacci retracement shows a consolidation in the green area (61.8%) at $0.343, which serves a consolidation zone. The RSI indicator does not demonstrate the overbought and XRP has enough strength to conquer one more resistance level at $0.35. If the crypto market continues its bullish trend, Ripple will be able to come back to its previous highs.

The price of XRP is trading at $0.3396 at the time of writing.

'Illustration of the labyrinth on a black background' image by 123rf.

'Illustration of the labyrinth on a black background' image by 123rf https://ru.123rf.com/photo_10420402_illustration-of-the-labyrinth-on-a-black-background.html?downloaded=1
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