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Monero's price: all you need to know
Monero (XMR.X) is trading at $106.54, up 1% from yesterday. The cryptocurrency dropped precipitously since this month's high of over $139. What is Montero's price forecast? What does the future hold?
Currently, Monero is the 10th largest coin by market capitalization. Crypto miners are attracted to Monero because it has emerged as the most profitable altcoin in the past few months.
A research firm Satis Group, which forecasts the cryptocurrency market and the fate of individual cryptocurrencies, published a reporting stating that Monero could be worth $18,000 within the next five years. That represents a more than an 18,000% increase from its present value, which stands at just over $106.
Monero is recognized as the crypto asset with the strongest privacy features. The Monero platform is designed in such a way that all the XMR transactions remain 100% unlinkable and untraceable. Features such as stealth address and ring confidential transactions (RingCT) are key to ensuring privacy on the platform.
Here are the major technical indicators:
- MACD is placed in the bearish zone. MACD (moving average convergence divergence) is a trend-following momentum indicator that shows the relationship between two moving averages of prices. MACD is calculated by subtracting the 26-day EMA (exponential moving average) from the 12-day EMA;
- RSI (relative strength indicator) is moving down into the oversold territory indicating exhaustion among the buyers and taking over of the sellers. RSI compares the magnitude of recent gains and losses over a specified time period to measure speed and change of price movements of a security;
- A new major support level is forming at $102.35;
- A new major resistance level is forming at $115.95.