Despite the optimism generated by Bitcoin in the cryptocurrency market, the bullish tide has not yet benefited the price of Monero. If the bullish cycle under development looks a bit like the first one, XMR could head to a new high a long way from the current one.
Monero (XMR) is a cryptocurrency that has maintained its leading position in the market for several years. The analysis and forecast of its price will help determine where it is heading next.
XMR is trading at around USD 269.06 and has accumulated a 4.85% gain in the last 24 hours, according to CoinGacko. Its market capitalization is USD 4.83 billion, which places it in the 40th position of the ranking of the cryptocurrency market.
Many people believe that it is possible to hide the identity of those conducting transactions on the Bitcoin network. However, it is generally easy to trace operations back to the source, as the ledger is completely transparent.
For its part, the design of Monero seeks to hide the senders and recipients of transactions. The development team of that network claims that its priority is to maximize privacy and security.
In addition to allowing anonymous transactions, the cryptocurrency of the Monero network is quite scarce. That makes it a great asset to store value in the long term if demand continues to increase.
Analysis and Forecast of the Price of Monero
The price of Bitcoin is generating great optimism in the cryptocurrency market thanks to its new all-time high. However, the bullish tide has not yet benefitted the price of Monero much.
The weekly XMR/USDT chart indicates that the crypto asset has had low volatility in the past three weeks. However, the price of Monero has kept the bullish direction unchanged. Furthermore, a medium-term momentum, which is just beginning, may be in progress.
After the constant rejection of low prices, it is evident that buyers are the dominant force. The value of Monero must break through the resistance at USD 315 to confirm that new momentum is in progress. The next target for XMR on that move to the upside is at USD 469.50.
The price of Monero must lose support at USD 234.55 before investors think of selling their holdings in the short term. That scenario is still unlikely, but it could cause the bulls to return if it were to occur.
An All-Time High Is Approaching
The analysis of the monthly Monero chart indicates a behavior that gives a very optimistic forecast.
The cryptocurrency accumulated a return on investment (ROI) of over 10,000% between 2014 and 2017.
After reaching an all-time high of USD 469.50, its price began a major correction along with the overall cryptocurrency market. That corrective process bottomed out near support around USD 37.
The new bullish cycle under development looks a bit like the first one, so XMR could be heading to a new high a long way from the current one.
Of course, that will not happen overnight, and several corrections may occur along the way. Regardless of that, as the bull cycle unfolds, investors should follow the trend.
By Alexander Salazar
