Price Analysis

Monero (XMR) Price Analysis : Monero Appears to be Bullish in 2019

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Monero (XMR) is one of the leading cryptocurrency that is focused on private and censorship-resistant transactions. Renowned cryptos like Bitcoin and Ethereum have transparent transactions that are traceable by everyone but, Monero provides strong security to both the receiver and sender while they do transactions in its network. It is fungible, and due to its obfuscation, it can never be tainted through participation in previous transactions. This implies the fact that XMR will always get accepted without any fear of censorship. Its transactions are highly confidential and untraceable.

Current status of XMR

XMR is currently getting traded at USD 50.08 (UTC time 08:37). In terms of its market cap, it is the 13th largest cryptocurrency with a circulating supply of 16,846,979 XMR. Its present market cap is worth of USD 843,680,869. Compared to its yesterday’s price, the current value of XMR has been reduced by -0.42%, and it is currently following a bearish trend.

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Price analysis of XMR on the basis of MONERO charts

Monero (XMR) Price ChartFrom the above chart, it is evident that at present, XMR is getting traded at 49.58 USD or 0.01281878 BTC (UTC time 08:39). Its current market cap is getting traded at 835,294,067 USD with 65,604,849 USD as its 24h volume. The same chart shows that the price of XMR nearly one month earlier was 49.24 USD. So, within this approx. One month period, the value of XMR has been increased by 0.69% with 49.22 USD as a good support resistance.

What the future of XMR looks like?

According to Long Forecast, XMR can be trading at $554-$638 in April 2020 and can even get further to $810-$945 by December 2020. According to Trading Beasts, Monero can reach around $150 within a year and $200 by 2020. Crypto Ground predicted that the value of XMR could touch $118.02 by the end of 2019 and in 5 years, it has a high possibility to reach $496.82-$500 provided, there is less volatility in the crypto market. Based on XMR’s technology, team, and current market trends, Profit Confidential claimed that it could soar up to $350 by the end of this year.

Conclusion

The other cryptocurrencies in the market are pseudonymous while XMR is anonymous crypto. Due to this, it has gained a lot of traction and growth in recent months. With many users looking for anonymous cryptos, XMR has a high probability of attracting many investors and merchants, and all these can raise its value significantly in the upcoming future.

Scott Cook

Scott Cook got into crypto world since 2010. He has worked as a news writer for three years in some of the foremost publications. He recently joined our team as a crypto news writer. He regularly contributes latest happenings of crypto industry. In addition to that, he is very good at technical analysis.

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