The cryptocurrency market is declining like a sinking ship. Yet, some altcoins can perform better in the upcoming days. This article is all about Monero price analysis. Is XMR a good buy after this huge market crash? Let’s take a look at it in more detail.
What is Monero (XMR) Crypto?
Monero is a cryptocurrency that comes with an elevated degree of anonymity. It is a decentralized cryptocurrency that employs a public distributed ledger implanted with privacy-focused technologies to gain anonymity. It is also an open-source system that confirms that observers cannot interpret transactions and movements about its cryptocurrency.
Monero’s blockchain structure is unusual, and all transaction attributes from the sender to the receiver are kept confidential. Despite maintaining resemblances with famous cryptocurrencies like Bitcoin, Monero is totally diverse in its operation. It presently has the most extensive community of developers, after Bitcoin and Ethereum. Like Bitcoin and Ethereum, users can mine Monero, and the procedure is impartial.
Monero depends on proof-of-work. It is an algorithm that gives protection to the cryptocurrency. This consensus mechanism averts issues like double-spending, which can distort the supply. When this occurs, it will display much more than actually available tokens. Monero utilizes ring signatures and stealth addresses to provide user privacy. The idea of ring signatures concentrates on obscuring the details of an individual in a bunch of people. It is like a digital signature from the person that supports others in the dark regarding the transaction.
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Monero Price Analysis: Will the XMR price rise in the future?
XMR/USDT Weekly chart – GoCharting
At the time of writing this, the XMR price is sitting at $110.41. In the last seven days, the Monero price has decreased by almost -31%.
It is important to note that after the XMR price decreased by almost 50% in May, which was undersized compared to other cryptocurrencies, the price is again slightly in a falling wedge. Falling wedges generally break out bullishly, which is why the Monero price is again below the upper trend line. While we hope the price to fall some more shortly to retest the lower side of the wedge, this is not bearish.
After the test, the price could bounce slightly before testing the top edge. We then hope the lower edge to be tested again with a definitive wedge breakout. This breakout could witness Monero price roughly $288 in the future. That is where the mark of the wedge lies, in the possibility of a bullish breakout.
Monero Price Analysis: XMR price at key support?
The Monero price is presently at the support that acted as resistance in 2017-2018. If we split this support, the price could lose more. The next support is about $40. At that time, the price had also discovered the bottom of the bear market 2019. Since this analysis is accomplished on the monthly chart, such a collapse requires several months, which is why one should not be bearish on the Monero price in the next few weeks.
XMR/USDT Monthly chart – GoCharting
The Monero price was able to create the same high in 2017 and 2021, which is why a double top look a like shape is made. This shape could be the reason behind the falling prices. It also benefits to reverse the trend. Since the general trend on the monthly chart was an uptrend, a downtrend may now be in the next few days. It could drop to $40 as a result. There is also a chance that the Monero price is in a major sideways phase between $40 and $460.
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