This Monero (XMR) Price Prediction 2021 article is based on technical analysis alone. Below, you will see the key metrics that we have taken into consideration upon coming up with our XMR price analysis and prediction.

Monero is one of the most active privacy-focused digital assets in the crypto world. Hence, XMR ranks as one of the top 20 cryptos in Coingecko, with a market capitalization of over $3 billion. In terms of security, Monero promotes a secure transferring of funds across borders.

The Monero network uses cryptography. This technology protects its users by providing a shield in sending and receiving addresses, as well as transacted amounts. In short, all transactions in the Monero network are hidden and cannot be traced by anyone.

Now that we are knowledgeable about XMR, do you think XMR will continue to be a profitable cryptocurrency this year? Join me and let us find out together in this CoinQuora Monero (XMR) price analysis and price prediction 2021. But before we head there, let us understand more about what is Monero (XMR)?

What Is Monero (XMR)

Monero is one of the most important cryptocurrencies when it comes to payment security. XMR was launched and developed in 2014 by Riccardo Spagni and David Latapie. The developers designed the crypto to provide a high level of privacy to its users. For this reason, the network has become popular for users and investors who favor anonymity.

When it comes to trading, the crypto’s average daily trading volume amounts to almost $1 billion. Miners in the network are based on a democratic concept where the network treats all users equally. Accordingly, XMR miners can mine on their own by using a normal CPU that does not require any complicated hardware like ASICs.

XMR trades in exchanges such as Binance, HitBTC, and Bitcoin.com Exchange. With this in mind, traders can have more options in buying and selling their XMR cryptocurrency.

Now that we have a full understanding of what is Monero (XMR), what are we waiting for? Let us now head to our XMR price analysis and prediction 2021.

Monero (XMR) Price Analysis 2021

Monero continues to show bullish signs as it enters the year 2021. Accordingly, XMR resides above the Fibonacci golden ratio, an uptrend position. Would this be enough to encourage investors to stay in the network and invest more? Let us see the charts in this XMR price analysis.

The graph above displays how XMR successfully manages to survive the wild market volatility in the past year. Also, the graph shows Monero’s bullish recovery from its bearish dip last March 2020. This bearish dip price of $25 has a growth rate of almost +600% from its current price of $165.82. In other words, the crypto is profitable, a word that is music to the ears of its investors.

When it comes to its market position, XMR resides within the bullish territory. Currently, Monero opens its day with a trading price of $157.94 per crypto. This trading price of the crypto has a growth rate of +30.1% in the past 7 days. If this goes on, the crypto might reach the price of $180 and go beyond even further. This is most likely to happen if the bullish market continues to side with the crypto.

In terms of Fibonacci retracement, the crypto positions its price above the Fibonacci level 0.382, a bullish position. Therefore, traders can continue holding and trading XMR with confidence.

However, if the crypto opens below the Fibonacci level 0.5, XMR might experience a price decline. In this case, the bulls must quickly recover and head back to their uptrend position of $160. Otherwise, the bears can pull down the crypto even further under the Fibonacci level of 0.618, a level that could cause FUD among its traders.

Monero (XMR) Price Prediction 2021

Recently, the White House Market, a prominent darknet marketplace, has made XMR the main digital asset of its platform. Do you think this would be enough to make XMR crypto profitable? Let us find out in this XMR price prediction 2021.

Based on the graph above, XMR continues to prove itself as a productive digital asset in the crypto world. In the early days of 2021, the crypto displays outstanding performance as it surges its price level to almost +240%. This price growth rate comes from its bearish dip price of $44.12 in December 2018 to over $150 in the first quarter of 2021.

With this in mind, it is safe to say that Monero is one of the reliable digital currencies in the crypto market. Recently, XMR trades a high price of $174 with a growth rate of +16% in the last 30 days. If this keeps up, the bulls might continue their rally towards the resistance price of $190.

Furthermore, the price of Monero can climb even higher until it reaches the bullish price of $195. This probably might happen if the crypto continues to receive more funds from its investors in the crypto world.

However, if the crypto loses the trust of its investors, the price of XMR may breakout from its uptrend position. Its price could fall to almost $140 with a decline rate of -18.45% from its current price of $171.

In this case, the bulls must find a way to regain their competitive advantage against the bears. Otherwise, the bears will not waste time in dragging down the price of XMR to $128. This is a scenario not in favor of the network’s investors.

Monero (XMR) Price Prediction 2021 – RSI and MACD

On the other hand, the moving average convergence/divergence (MACD) of the crypto has just performed a bullish crossover. In other words, XMR is gearing towards a bullish direction. In this case, traders can expect a bullish market in the following days. But, if MACD falls below the signal indicator and the price crypto opens below Arnaud Legoux Moving Averages (ALMA), it will be a different scenario.

Meanwhile, the relative strength index (RSI) is still in a neutral position. This means that the crypto is not overbought nor oversold. Consequently, traders can still trade with confidence without worrying about any extreme price reversal.

In conclusion, the bullish XMR price prediction for 2021 is $195. This bullish price of $195 is most likely to hit in the first quarter of 2021. Moreover, Monero’s conservative price prediction in 2021 is $128 – $140.

Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies. 

Source: https://coinquora.com/xmr-price-prediction-forecast-how-much-will-xmr-be-worth-in-2021/