Chart for XMR/USD (1W)
Monero (XMR) currently trades around $ 107 and is probably one of the safest bets in the market right now. The price has been following a three driver’s pattern, trading in a diverging bullish channel. It has currently reached the bottom of the channel and will likely return with bullish momentum for the long haul that could drive its price all the way to $ 500 or higher before the end of the year. Apart from the technicals, its fundamentals look great as well. Monero (XMR) transactions are currently cheaper than that of both Bitcoin (BTC) and Litecoin (LTC).
Monero (XMR) is one of the oldest cryptocurrency and has always been well respected for its privacy and completely decentralized nature. The need for coins like Monero (XMR) has been felt even more in recent times when we have seen even big projects like Ethereum (ETH) steer away from their original vision. Monero (XMR) being completely free of any central control has always been the centre of interest among investors looking to play it safe for the long term. It is also appealing to those who want to maintain an anonymous identity. A similar privacy coin, Verge (XVG) registered astronomical gains in the past few months. Monero (XMR) seems to have taken a hit due to a recent notorious hardfork and bad press. The whole ASIC mining fiasco certainly did not help and the price reflected that. Just recently a fake Monero site scammed some users.
Chart for XMR/BTC (1W)
However, things look great on the big picture. Circle Invest has now listed Monero (XMR) on its platform. It should be borne in mind that most of these companies like Circle Invest, Coinbase and TdAmeritrade are trying to get institutional investors onboard with cryptocurrencies like Monero (XMR). Once that happens, the price could sky rocket. Monero (XMR) currently seems to have bounced off the 200MA on XMR/BTC and will likely continue its bullish momentum. Like most cryptocurrencies, its future hinges on the success of Bitcoin. However, while some cryptocurrency may not have any purpose at all if all coins were to disappear tomorrow, the same cannot be said about Monero (XMR) or its kind.
There will always be a demand for privacy coins like Monero (XMR). At the moment, the idea of being able to protect one’s identity and having the freedom to do whatever one wants to do with their money seems a bit farfetched to regulatory bodies. However, sooner or later this is going to be a reality. Monero (XMR) has received a lot of criticism for being a gateway to online purchases of drugs on the dark web but despite all that, the coin has continued to do well. The flow of smart money in Monero (XMR) has been keeping it in the top 20 league. The technicals on both charts look favorable for a medium to long term rally. Monero (XMR) also has a loyal community and is a coin that has stayed true to its vision and mission ever since its inception.