It is no secret that currently in the cryptocurrency market, there is a price consolidation occurring after those big price-actions that we witnessed some time ago now. Nothing out of the ordinary though, it’s mainly profit-takers closing their positions and banking their profits. One coin, in particular, was seen still shooting in prices, and it’s none other than Monero, the awesome privacy coin!
Monero Technicals showing a strong price
Monero was one of those coins which didn’t have many downs this year, rather continued on a strong uptrend ever since the market crash earlier this year in March 2020, due to the Covid-19 events.
In a previous article, we successfully projected a price of USD 170 back when Monero’s price almost broke a strong resistance area of USD 120. The price did reach USD 170 on major exchanges and is currently trading at around USD 153.
The price is expected in the medium term to fluctuate between the two prices of USD 120 and USD 170 till the end of this year, so it is advisable to open long positions when the price is around USD 120.
What’s next for Monero
As Monero’s current circulating supply is lower than Bitcoin ( 17.7 million XMR versus 18.5 million BTC), and with increasing online interest in privacy and the use of a “private internet”, it is probable that Monero breaks into the Top 10 cryptocurrencies in the medium term, that’s taking into consideration that a steady price increase keeps going strong.
For Monero to enter the Top 10, it will need a market cap higher than 4.3 billion in order to surpass Binance Coin. This indicates that Monero’s price should reach around USD 240 or more to climb up the ladders successfully, and this is something very reachable if we look at figure 2, as this area would be the next target area when Monero established well above USD 180. But that would probably happen sometime next year, nothing of that in the short term.
Stay Ahead, Stay Updated
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Trading with financial products, especially with CFDs involves a high level of risk and is therefore not suitable for security-conscious investors. CFDs are complex instruments and carry a high risk of losing money quickly through leverage. Be aware that most private Investors lose money, if they decide to trade CFDs. Any type of trading and speculation in financial products that can produce an unusually high return is also associated with increased risk to lose money. Note that past gains are no guarantee of positive results in the future.
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