Monero Price Prediction – Will XMR Price Hit $400 in 2021?

This Monero (XMR) Price Prediction 2021 article is based on technical analysis alone. Below, you will see the key metrics that we have taken into consideration upon coming up with our Monero (XMR) price analysis and prediction.

Over the past few days, the crypto market looks to be recovering fast. Moreover, after the dip in the past two months, the crypto market moves up steadily. At present, it looks like the crypto-asset industry will surge high again.

Will Monero (XMR) experience the same price volatility? We’ll find out soon in this Monero (XMR) price analysis 2021 article. But first, let’s have a look at what Monero (XMR) is.

What Is Monero (XMR)?

Monero is one of the most important cryptocurrencies when it comes to payment security. XMR was launched and developed in 2014 by Riccardo Spagni and David Latapie. The developers designed the crypto to provide a high level of privacy to its users. For this reason, the network has become popular for users and investors who favor anonymity.

When it comes to trading, the crypto’s average daily trading volume amounts to almost $1 billion. Miners in the network are based on a democratic concept where the network treats all users equally. Accordingly, XMR miners can mine on their own by using a normal CPU that does not require any complicated hardware like ASICs.

Now that we have an idea about Monero, do you think XMR will be profitable crypto in 2021? Join me, and together let us check the charts in this XMR price analysis and XMR price prediction.

XMR Current Market Status

When writing this Monero price analysis, XMR trades at $295 with a 24-hour trading volume of $198,967,425. The price of XMR has decreased by 2.95% in the last 24 hours.

Furthermore, XMR has a current circulating supply of 17,982,382.36 XMR. Currently, the top digital asset trading platforms for XMR are Binance, OKEx, Huobi Global, BiONE, and ZBG.

Now, let’s move to the next part of this XMR technical analysis for 2021.

Monero Price Analysis 2021

Recently, XMR took the 32nd position on CoinGecko. But will the recent developments, upgrades, and changes in the blockchain help the cryptocurrency price to reach higher? Let’s proceed to the charts in this XMR price prediction article.

The above chart shows the Ascending Channel pattern of XMR. This is a bullish pattern which is formed by joining higher highs and higher lows. Based on the graph above, Monero was able to defend its position well against the bears in the early days of the month.

In other words, XMR is gearing itself for a possible bullish rally in the days to come. If this happens, the crypto might go beyond its resistance level and reach the bullish price. Of course, this is most likely to happen if the bullish market continues to reside with Monero.

Conversely, if the bulls turn against the crypto, the price of XMR might fall. In short, XMR might break out from its uptrend position and nosedive to a bearish price.

The Relative Strength Index (RSI) is at 44.08, which means that XMR is in neither an overbought nor oversold state. Moreover, this indicates that crypto traders and investors can trade, however, the crypto investors can trade safely without worrying about major price reversal.

Furthermore, crypto traders must trade cautiously and must not be affected by the cryptocurrency market hype. With this in mind, cryptocurrency traders must be careful to avoid unexpected losses due to the crypto market’s wild swings.

Let us also look at the Exponential Moving Average (EMA) and the Simple Moving Average (SMA) of Monero.

Since the start of 2021, XMR’s price has seen many bullish moves, which are higher than the previous one. More so, these are followed by consolidation, fluctuations, and corrections right away. Taking this into consideration, XMR has a competitive market this 2021.

Monero (XMR) Price Prediction 2021

The chart below shows that XMR has performed great over the past few days. Moreover, the XMR price shows a bullish trend. If this trend continues, XMR might run along with the bulls, overtaking its $318 resistance level and move even higher to $342.

Conversely, if the investors turn against the crypto, the bears might take over and push XMR from its uptrend position. In simpler terms, the price of XMR might decrease to almost $245, a bearish signal.

Meanwhile, our long-term XMR price prediction 2021 is bullish. It has a high possibility of reaching new heights. However, that will only happen if it breaks many previous psychological resistances.

Monero (XMR) Price Prediction 2022

If this bullish trend continues, XMR will reach $450 by the end of 2022. Moreover, the first half of 2022 is going to show fast growth, up to $500. Then this rise will slow down, but no major falls are expected. With upcoming partnership, and developments reaching $450 is quite optimistic in the price point of view but undoubtedly feasible for the near future.

Monero (XMR) Price Prediction 2023

If XMR holds the support level around 200-MA, the long-term moving average, buyers will then have ample time and stability to forge the next attack mission on the vital level at $550, making it not plummet but play consistently.

Monero (XMR) Price Prediction 2024

As per the latest upgrades, developments, XMR price prediction, and new project forecasts of the platform, XMR investors could expect many partnerships and integrations around 2024. Moreover, this might boost the price of XMR in the crypto market, and it will be the best investment as the price can spike and reach around $700.

Monero (XMR) Price Prediction 2025

In the next four years, XMR prices could race up to $850. However, reaching this level could not be so difficult for XMR as additional medium, short-term, and long-term price targets could be found to purchase or sell orders. This indicates that XMR has a high possibility of reaching a new ATH soon in the next five years as per the prediction.

Conclusion

XMR seems to have a great future ahead in 2021. With the ongoing developments happening within the XMR ecosystem and the overall crypto market, we may see XMR reach new heights.

Meanwhile, our long-term XMR price prediction 2021 is bullish. Even more, the bullish XMR has a high possibility of reaching $342. However, that will only happen if it breaks the past psychological resistance. It may even reach $400 if investors continue to side with XMR this year along with the mainstream cryptocurrencies like Bitcoin and Ethereum.

FAQ

Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.

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