Monero: Extreme Fear and drop by -16.64%

According to our current Monero price prediction, the value of Monero is predicted to drop by -16.64% and reach $ 121.09 by December 11, 2022. According to our technical indicators, the current sentiment is Neutral while the Fear & Greed Index is showing 25 (Extreme Fear). Monero recorded 17/30 (57%) green days with 5.87% price volatility over the last 30 days. Based on our Monero forecast, it’s now a good time to buy Monero.

Here’s the ‘but’ of Monero [XMR] chalking up a bearish pattern

Monero (XMR) bulls were cut to size over the weekend as bears threw a massive party. This was evidenced by the bearish engulfing pattern (A tiny green candle followed by a larger red candle) on the charts. It indicates that the bears will lower the prices soon.

The bulls tried to regain control on Monday, pushing XMR’s price above $135.2. However, the bears furiously neutralized their efforts and pushed the price lower, as shown by the Shooting Star (red candlestick with a long tail).

The recent price action has formed a bearish pennant pattern. Should a bearish breakout occur, XMR could see a deep plunge towards $104.1.

After a false bearish breakout from a bearish pennant pattern in June, XMR posted a rally leading to the ATH of $174.2 in August. Since mid-July, XMR has been confined to a range of $135.2 to $167.5, with $154.1 as the midpoint.

On 9 November, XMR fell below this range and shifted to a bearish market structure. The Relative Strength Index (RSI) was at 39, below the neutral level of 50 and the On Balance Volume (OBV) has been steady for about a month. These indicators, thus, support the bearish market structure.

Therefore, a breakout to the downside could transpire, dropping the altcoin to $104.1 in the long term.

However, the bearish pennant is similar to the line formed in June (blue lines). So, if history repeats itself, XMR could see a false bearish breakout before rallying to the mid-range at $151.4 in the long term. This would invalidate the bearish bias.

According to Santiment, the elevated weighted positive sentiment seen over the weekend has levelled off. The elevated sentiment corresponded with an increase in development activity on the Monero network.

A decline in development activity was later reflected in a reduction in positive sentiment. There was a slight increase in development activity at press time, despite the neutral sentiment. Interestingly, there was also a slight increase in price movement.

Long-term investors should therefore track the network’s development activity to assess its viability and ability to attract other long-term players.

Our current Monero price prediction

According to our current Monero price prediction, the value of Monero is predicted to rise by 1.61% and reach $ 129.55 by November 27, 2022. According to our technical indicators, the current sentiment is Bearish while the Fear & Greed Index is showing 22 (Extreme Fear). Monero recorded 17/30 (57%) green days with 7.18% price volatility over the last 30 days. Based on our Monero forecast, it’s now a bad time to buy Monero.

Monero Price History

History of Monero price, market cap, volume. All values after Wed May 2014 this is the first day when we got XMR stock price data.

The first exchange rate of XMR detected by our platform is $1.99, the lowest price was $0.2390120 in Feb 2015, and the maximum price that Monero reached was $477.96 in May 2021.

The first year on which we have information, the XMR price closed at $0.4346600 this is 21.87% up from the open, the best year for Monero price was 2017 average price was $75.32 and the price closed at $349.03 after reaching max price $476.40.

Monero (XMR) Price Prediction 2022-2030

Monero (XMR) Price Predictions for 2022 by Experts
Many crypto experts are sure that XMR will rise in the long term due to persisting optimism that this currency can attract much more attention. XMR could finish 2022 with an average exchange rate of $345. The minimum could be around $330, whereas the maximum could reach $380. WalletInvestor According to WalletInvestor, Monero may remain at its current price level for a very long time. By the middle of 2022, XMR is expected to peak at $360. The coin’s minimum price could rise to $320 by the end of the year if the market turns bullish. Government Capital As stated by Gov Capital, Monero’s price can increase by more than 70% over the year, reaching the level of $350 in 2022. Gov Capital analysts consider XMR a profitable investment and do not predict downward trends for this cryptocurrency. TradingBeasts In accordance with the forecast by TradingBeasts, XMR may grow by about 110% over the next three years, rising to $360 by the end of 2022 and to $500 by the end of 2023. TradingBeasts’ analysts are confident that XMR has good growth potential and see no reason for this cryptocurrency to crash. Digital Coin Price According to Digital Coin Price, Monero’s rate may continue gaining momentum throughout the year. By the end of 2022, it might reach almost $430 — in other words, potential growth could be up to 56%.

Monero Price Prediction 2022
According to the technical analysis of Monero prices expected in 2022, the minimum cost of Monero will be $130.92. The maximum level that the XMR price can reach is $140.98. The average trading price is expected around $137.21. Potential ROI: 10% BUY XMR Price Forecast for November 2022 Based on the price fluctuations of Monero at the beginning of 2022, crypto experts expect the average XMR rate of $131.93 in November 2022. Its minimum and maximum prices can be expected at $120.62 and at $135.70, respectively. Potential ROI: 6% BUY December 2022: Monero Price Forecast Cryptocurrency experts are ready to announce their forecast for the XMR price in December 2022. The minimum trading cost might be $130.92, while the maximum might reach $140.98 during this month. On average, it is expected that the value of Monero might be around $137.21. Potential ROI: 10%

Monero Price Prediction 2023
After the analysis of the prices of Monero in previous years, it is assumed that in 2023, the minimum price of Monero will be around $192.48. The maximum expected XMR price may be around $230.34. On average, the trading price might be $199.34 in 2023. Potential ROI: 79%

Monero Price Prediction 2024
Based on the technical analysis by cryptocurrency experts regarding the prices of Monero, in 2024, XMR is expected to have the following minimum and maximum prices: about $282.50 and $333.44, respectively. The average expected trading cost is $292.46. Potential ROI: 160%

Monero Price Prediction 2025
The experts in the field of cryptocurrency have analyzed the prices of Monero and their fluctuations during the previous years. It is assumed that in 2025, the minimum XMR price might drop to $421.60, while its maximum can reach $492.67. On average, the trading cost will be around $433.30. Potential ROI: 284%

Monero Price Prediction 2026
Based on the analysis of the costs of Monero by crypto experts, the following maximum and minimum XMR prices are expected in 2026: $731.03 and $607.93. On average, it will be traded at $629.59. Potential ROI: 469%

Monero Price Prediction 2027
Crypto experts are constantly analyzing the fluctuations of Monero. Based on their predictions, the estimated average XMR price will be around $923.79. It might drop to a minimum of $898.60, but it still might reach $1,076.90 throughout 2027. Potential ROI: 739%

Monero Price Prediction 2028
Every year, cryptocurrency experts prepare forecasts for the price of Monero. It is estimated that XMR will be traded between $1,292.31 and $1,544.32 in 2028. Its average cost is expected at around $1,329.26 during the year. Potential ROI: 1103%

Monero Price Prediction 2029
Cryptocurrency analysts are ready to announce their estimations of the Monero’s price. The year 2029 will be determined by the maximum XMR price of $2,267.97. However, its rate might drop to around $1,883.93. So, the expected average trading price is $1,950.39. Potential ROI: 1666%

Monero Price Prediction 2030
After years of analysis of the Monero price, crypto experts are ready to provide their XMR cost estimation for 2030. It will be traded for at least $2,791.77, with the possible maximum peaks at $3,361.23. Therefore, on average, you can expect the XMR price to be around $2,889.29 in 2030. Potential ROI: 2518%

Monero Price Prediction 2031
Cryptocurrency analysts are ready to announce their estimations of the Monero’s price. The year 2031 will be determined by the maximum XMR price of $4,873.49. However, its rate might drop to around $4,053.37. So, the expected average trading price is $4,197.84. Potential ROI: 3695%

How Does Monero Improve Privacy?

Monero alleviates privacy concerns using the concepts of ring signatures and stealth addresses. Ring signatures enable a sender to conceal their identity from other participants in a group. Ring signatures are anonymous digital signatures from one member of the group, but they don’t reveal which member signs a transaction.

To generate a ring signature, the Monero platform uses a combination of a sender’s account keys and clubs it with public keys on the blockchain. This makes it unique as well as private. It hides the sender’s identity, as it is computationally impossible to ascertain which of the group members’ keys was used to produce the complex signature.

Stealth addresses add additional privacy, as these randomly generated addresses for one-time use are created for each transaction on behalf of the recipient. The use of these stealth addresses enables concealing the actual destination address of a transaction, and it hides the identity of the receiving participant.

Ring Confidential Transactions, or RingCT, also enable hiding the amount of a transaction. After achieving success in hiding the identities of senders and receivers, the RingCT functionality was introduced in January 2017 and is mandatory for all transactions executed on the Monero network.

While privacy fuels the rapid adoption of Monero, it also brings with it several challenges. For instance, the non-traceability and privacy features allow them to be used for disreputable purposes and at questionable marketplaces, including those like drugs and gambling. This is one of the reasons why markets that were popular on the dark web, like AlphaBay and Oasis, showed increased use of Monero before they were shut down.

Reports by CNBC cite the case of hackers creating malicious software that infected computers to mine Monero and send it to North Korea. Monero is essentially open to be used for illicit activities and for evading law enforcement, as it remains outside of capital controls with no traceability.

Monero Key Facts

  • Monero is an open-source, privacy-oriented cryptocurrency that was launched in 2014.
  • Its blockchain is opaque, which makes transaction details and the amount of every transaction anonymous by disguising the addresses used by participants.
  • Investors can mine Monero using their own CPUs, which means they don’t need to pay for special hardware.
  • Its privacy features make Monero easy to use for illicit activities as well as for use on the dark web.

What Is Monero (XMR) Cryptocurrency?

Cryptocurrencies are increasing in popularity. These are virtual or digital currencies that are decentralized and can be used to trade or spend using blockchain technology. Many of them are aimed to enhance privacy and anonymity, and whether they achieve success is unpredictable. A few of these currencies allow public viewing of all transactions, while others make privacy optional. And still, others keep the privacy feature strictly implicit.

When most of us think of cryptocurrencies, Bitcoin is usually the first one that comes to mind. It was one of the first of its kind, using peer-to-peer technology to allow users to make payments with their coins. But there’s another currency that has achieved a high level of popularity and acceptance, mainly for its privacy-oriented features. This one is called Monero. This article explains the key concepts, features, and challenges of Monero.

Monero (XMR) is an open-source, privacy-oriented cryptocurrency that was launched in 2014. It is built and operates on the concept. These blockchains, which form the underlying technology behind digital currencies, are public ledgers of participants’ activities that show all the transactions on the network.

Monero’s blockchain is intentionally configured to be opaque. It makes transaction details, like the identity of senders and recipients, and the amount of every transaction, anonymous by disguising the addresses used by participants.

Along with anonymity, the mining process for Monero is based on an egalitarian concept. This is the principle that all people are equal and deserve equal opportunities. Its developers did not keep any stake for themselves when they launched Monero but they did bank on contributions and community support to further develop the virtual currency.

As of Aug. 26, 2021, Monero was trading at $295.05 and had a market capitalization of $5.3 billion. That’s a stark difference from the closing price of $89.12 on Aug. 26, 2020. The market cap on that date was $1.58 billion.

As mentioned above, Bitcoin is the most popular cryptocurrency on the market. It works on a protocol that attempts to shield the participant’s identity using pseudo name addresses. These pseudo names are randomly generated combinations of alphabets and numbers.

But this approach offers limited privacy as both Bitcoin addresses and transactions are registered on the blockchain, opening them to public access. Even pseudonymous addresses are not fully private. A few transactions carried on by a participant over time can be linked to the same address, allowing the possibility of others to become aware of an address owner’s trends and their identity.

Another advantage of Monero over bitcoin is fungibility. This means that two units of a currency can be mutually substituted with no difference between them. While two $1 bills are equal in value, they are not fungible, as each carries a unique serial number. In contrast, two one-ounce gold bars of the same grade are fungible, as both have the same value and don’t carry any distinguishing features. Using this analogy, a bitcoin is the $1 bill, while a Monero is that piece of gold.

The transaction history of each bitcoin is recorded on the blockchain. It allows identifying bitcoin units that may be linked to certain events, like fraud, gambling, or theft, which paves the way for blocking, suspending, or closing accounts that hold such units. Imagine receiving a few bitcoins today that were previously used for gambling, and they are banned in the future, leading to a loss.

Monero has a non-traceable transaction history, which offers participants a much safer network where they don’t run the risk of having their held units be refused or blacklisted by others.