XMR Price Prediction: Is There Upside to Come?

Key Insights:

• XMR reached a high of $153.09 on July 20.
• The daily simple and exponential moving averages are giving mostly buy signals.
• XMR currently ranks 28th in the list of cryptocurrencies worldwide by market capitalisation at $2.7 billion. 

XMR, a privacy-oriented cryptocurrency that provides total anonymity for its users, rallied 2.15% today.

On July 20, the coin reached a high of $153.09 after trading as low as $124.67 just six days earlier — a 22% surge.

Monero, like other privacy cryptocurrencies such as Zcash (ZEC), aims to address privacy weaknesses in Bitcoin (BTC). As such, XMR uses ring signatures to mix the digital signature of the individual making a transaction with the signatures of other users before recording it on the blockchain. This allows users to send and receive transactions in an untraceable manner.

Price Action

XMR started its journey on May 25, 2014 at $2.2689. However, the token did not start gaining traction until 2017 when it reached the $140 level on August 31, before closing the year at a high of $377.

Its price then corrected sharply, falling to $179.49 on February 5, 2018 and then to $169.16 on April 11. By June of that year, the token had plummeted to the $110 level.

Following this, the coin remained largely in a downtrend until February 2021 when huge volume pushed the price past the $270 mark, with a further rally on May 7 driving it to $517.62 — XMR’s all-time high (ATH) price thus far. A strong correction followed and Monero fell to $196.41 on July 21 – a 62% drop in the span of two months.

 

XMR has performed better than top cryptocurrency Bitcoin this year which has plunged over 50% year-to-date. XMR opened the year at $228 and is now down 35.4% to $149.4.

XMR’s price action crossed above the Fibonacci retracement line briefly today as it rose above its 50-day moving average (MA) for the first time since May this year. In addition, the coin’s latest uptrend has been supported by strong trading volume which has reached a four-week peak in the last 24 hours at $204 million.

Monero is currently trading at $150.74 and ranks 28th in the list of cryptocurrencies worldwide by market capitalisation at $2.7 billion. Despite a brief rally today, the coin is still down 70% from its all-time high price.

 

Technical Indicators