Every now and then, we introduce a coin that has great potential and discuss how traders should position themselves in order to reap those gains. A while back, we spoke about MONERO and laid out a solid long position. Today, we look back on how this cryptocurrency performed this year, what happened to that previous setup, and predict what’s to come in 2021.
Monero (XMR) Price Analysis – a Solid 2020
Monero started the year on a strong note around USD 45 on an uptrend. Events of the Covid-19 pandemic made their impacts everywhere, including XMR, dropping the price to a year-low of USD 25. Since then, the price has been on a steady uptrend with no signs of stopping.
Notice that we used the word “steady” quite often when talking about Monero, as this is a favorable trait in assets. Contrary to other coins, Monero doesn’t have sudden price drops or increases, lowering the chance of getting stopped-out of the market if trading with Margins or using sell-limits.
Currently, the price of XMR is around USD 160, with the below support areas:
- USD 120
- USD 90
What’s next for Monero (XMR)
As explained in a previous article, Monero is head towards the next target price area of USD 240, with a target stop of USD 200 along the way (naturally, since this represents a psychological price).
Nothing changed much since our last projection, we did have confirmations of our price targets, seeing how the price of Monero is going according to our analysis. The price of USD 240 is an important price, as it might move Monero to the Top 10 cryptocurrencies by market capitalization. The likelihood of this happening is likely by next year unless there were unexpected bumps on the road.
The whole Cryptocurrency market
In the past 24 hours, the cryptocurrency market was mixed between winners and losers. XRP did lose big again, breaking through the USD 30 cents barrier back down towards its previous price consolidation between USD 20 and 28 cents. Litecoin on the other hand was among the top gainers.
1- Bitcoin (BTC) : + 3.10 %
2- Ether (ETH) : – 0.84 %
3- Tether (USDT) : 0 %
4- Ripple (XRP) : – 17.67 %
5- Litecoin (LTC): + 9.95 %
6- Bitcoin Cash (BCH) : + 1.30 %
7- Cardano (ADA) : – 4.03 % (surpassing Binance Coin)
8- Binance Coin (BNB): + 0.93 %
9- Polkadot (DOT) : – 1.30 %
10- Chainlink (LINK) : – 3.08 %
Stay Ahead, Stay Updated and MERRY CHRISTMAS!