Now that the crypto market crashed, there are many buying opportunities in the market. Crypto investors are flocking back to the market, trying to choose cryptocurrencies that have big potential to increase in prices. Interestingly, Monero is one of those cryptocurrencies that has an attractive technical formation. Is Monero good to Buy? Should you consider adding Monero to your crypto portfolio again? In this Monero price prediction, we analyze XMR prices from a technical standpoint.
What is Monero Crypto?
Open-source cryptocurrency Monero was introduced in 2014. It focuses on anonymity. Its blockchain is secretive and privacy-focused. By hiding the addresses that participants use, this makes transaction information and transaction amounts anonymous. Unique to Monero, its blockchain keeps all transaction information secret from sender to recipient. Despite having some similarities to well-known cryptocurrencies like Bitcoin, Monero operates very differently. Users may mine Monero, much like Bitcoin and Ethereum, and the process is entirely egalitarian.
Will Monero Price go UP?
Monero price remains inside the wedge, so we expect the price to rally to the upper trendline next. This would cause a price increase of about 30%. The target of the next upside is around $140. Once the price reaches the upper trendline, an explosive breakout could occur at any time. It depends on which trendline breaks first. If the lower one breaks, we would expect a bearish breakout. However, this scenario is rather unlikely, which is why we would not bet on it. If Monero price breaks the upper trendline, which is more likely, a bullish breakout would occur.
Monero Price Prediction – Will Monero reach 200 $?
Since the Monero price is more likely to bullishly break out of the wedge, we expect it to target the next major resistance. This is located just below $200, at around $185. While this is not the formation goal, it should be approached with caution. The general crypto market is currently in a deep bear market, which is why actual price targets cannot be achieved due to the high selling pressure.
However, if the crypto market recovers and Monero breaks the $185 price upwards, we can safely assume that XMR is eyeing the $200 price mark. But in general, it all depends on the general market direction. A crashing crypto market would lead XMR prices back to around $100.
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