ALL cryptocurrencies in the market lost in prices in the recent cryptocurrency crash. However, not all of them lost the same percentages. Monero for example is one of those cryptocurrencies that lost the least, outperforming most tokens in the market. Does this mean that Monero is a good buy? What does its price chart show for the coming weeks? Let’s talk about Monero price and assess its prices vis-a-vis Bitcoin (yes, we know French 😉).
What is Monero Crypto?
Monero is a cryptocurrency that was developed in 2014 with the goal of providing an anonymous Blockchain platform to cryptocurrency users. It is a decentralized coin that achieves anonymity via the use of a public distributed ledger and privacy-focused technology. It is also an open-source network that assures that onlookers cannot decipher bitcoin transactions and activity. Monero’s blockchain is one-of-a-kind, and all transaction information is kept private from sender to receiver.
Despite its resemblance to famous cryptocurrencies such as Bitcoin, Monero operates in a very distinct way. Users may mine Monero, much like Bitcoin and Ethereum, and the process is completely egalitarian. Monero is the blockchain’s native and governance token (XMR). The creators did not set aside any XMR for themselves at the time of launch, relying primarily on community support.
Will the Monero price rise in the future?
After the Monero price collapsed by about 50%, which is little compared to other cryptocurrencies, the price is again in a falling wedge. Falling wedges usually break out bullishly, which is why it is neutral that the Monero price is again below the upper trend line. While we expect the price to drop some more in the near future to retest the lower side of the wedge, this is not really bearish. After the test, the price could rebound slightly before testing the top edge. We then expect the lower edge to be tested again with a final wedge breakout. This breakout could see Monero price around $290 in the future. That is where the target of the wedge lies, in the event of a bullish breakout.
Monero or Bitcoin – Which is better to Buy?
Before we assess which cryptocurrency is better to buy, we need to understand the fundamental differences between both cryptocurrencies.
Pseudonimity vs. Privacy
While Bitcoin records transactions pseudonymously, Monero takes a different approach to achieving complete privacy. In the pseudo nature of Bitcoin, there is a usage of random alphabets combined with letters to shield transaction details. However, this approach is not entirely private like Monero, as this transaction is still visible on the blockchain. Alternatively, Monero uses world-class technologies to ensure that these details remain as confidential and anonymous as possible.
Bitcoin is not a fungible cryptocurrency, while Monero is fungible. A clear example of this is two $1 bills of the same value but with different serial numbers. In that scenario, they are not fungible, and this defines Bitcoin. Alternatively, two gold bars of the same quantity and size are equal and fungible. This is a typical example of a Monero token.
Technical Price Differences
After the Monero price outperformed the Bitcoin price, it is now at a resistance trend line. This trend line could see the XMR/BTC pair fall in the future, so one should definitely be cautious now. Going forward, the Monero rate against Bitcoin could drop to around 0.004 Bitcoin to test descending triangle support. A bearish breakout from this triangle cannot be ruled out, which is why prices of around 0.001 Bitcoin are also conceivable.
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