Monero (XMR) Price Prediction 2023 — Will XMR Hit $200 Soon?
- Bullish XMR price prediction for 2023 is $169.7 to $210.
- Monero (XMR) price might reach $200 soon.
- Bearish XMR price prediction for 2023 is $104.3.
In this Monero (XMR) price prediction 2023, we will analyze the price patterns of XMR by using accurate trader-friendly technical analysis indicators and also predict the future movement of the cryptocurrency.
Monero (XMR) Current Market Status
| Current Price | $154.59 |
| 24 – Hour Trading Volume | $58,162,859 |
| 24 – Hour Price Change | 0.22% down |
| Circulating Supply | 18,277,231 |
| All – Time High | $5.29 (On November 12, 2021 ) |
What is Monero (XMR)?
Monero cryptocurrency (XMR) was established in 2014, which is open-source and focuses on privacy. Its blockchain is opaque, which makes transaction details and amounts anonymous by masking the addresses used by participants.
Investors can mine Monero using their own CPUs, which means they don’t need to pay for special hardware. The mining process for Monero is based on an egalitarian concept where all are equal and deserve equal opportunities.
Monero (XMR) Price Prediction 2023
Monero (XMR) ranks 25th on CoinMarketCap in terms of its market capitalization. The overview of the Monero price prediction for 2023 is explained below with a daily time frame.
In the above chart, Monero (XMR) laid out a symmetric triangle pattern. The symmetric triangle chart pattern shows the period of consolidation that may force a price breakdown or breakout. More so, a breakdown from the lower trendline indicates the beginning of a new bearish trend. On other hand, a breakout from the upper trendline signal shows the beginning of a new bullish trend. Traders also use moving averages in conjunction with a symmetrical triangle chart pattern to trail their stop loss.
At the time of analysis, the price of Monero (XMR) was recorded at $153.67. If the pattern trend continues, then the price of XMR might reach the resistance levels of $164.5 and $187.1. If the trend reverses, then the price of XMR may fall to the support of $133.
Monero (XMR) Support and Resistance Levels
The chart given below elucidates the possible resistance and support levels of Monero (XMR) in 2023.
From the above chart, we can analyze and identify the following as the resistance and support levels of Monero (XMR) for 2023.
| Resistance Level 1 | $169.7 |
| Resistance Level 2 | $210 |
| Support Level 1 | $139.7 |
| Support Level 2 | $104.3 |
As per the above analysis, if Monero’s (XMR) bulls take the lead, then it might hit and break through its resistance level of $210.
Conversely, if Monero’s (XMR) bears dominate the trend, the price of XMR might plunge to $104.3.
Monero (XMR) Price Prediction 2023 — RVOL, MA, and RSI
The technical analysis indicators such as Relative Volume (RVOL), Moving Average (MA), and Relative Strength Index (RSI) of Monero (XMR) are shown in the chart below.
The technical analysis indicator Relative Volume (RVOL) is used to measure the trading volume of an asset in relation to its recent average volumes. It is typically calculated by dividing the current day’s trading volume by the average volume over a specified period, such as the past 20 or 50 trading days. Also, it helps traders in identifying unusual trading activity and changes in market sentiment.
At the time of analysis, the RVOL of Monero (XMR) was found below the cutoff line. Thus, it denotes a weak volume of participants trading in the current trend.
The next technical indicator is the Moving Average (MA). This momentum indicator is used to smooth out price data and identify trends in the market. It helps in calculating the average price of an asset over a specific period. Particularly, the 50-day moving average (50 MA) evaluates the average closing price of the asset over the past 50 days. When the price of an asset is above 50MA, it is considered to be in an uptrend (bullish), and if laid below 50MA, it is in a downtrend (bearish).
Notably, in the above chart, the XMR price lies below 50 MA (short-term), indicating its downward. Hence, XMR is in a bearish state. Although this is the current state, a trend reversal might occur.
Next up is the Relative Strength Index (RSI). Significantly, this analysis indicator helps traders to determine the strength and momentum of an asset’s price movement over a specific period. In this analysis, the RSI is calculated by comparing the average gains and losses of the asset over the past 14 periods. The resulting value lies between a range of 0 and 100. Hence, the readings above 70 indicate an overbought state, and below 30 indicate an oversold state.
Significantly, traders often use the RSI to identify potential trend reversals or to confirm the trend’s direction. For instance, if an asset is in an uptrend and the RSI reaches an overbought reading of 70, it may suggest that the asset is due for a pullback or correction. Conversely, if an asset is in a downtrend and the RSI is in an oversold reading of 30, it may suggest a potential reversal.
At the time of analysis, the RSI of XMR is at 49.77. Therefore, this indicates XMR is nearly oversold.
Monero (XMR) Price Prediction 2023 — ADX, RVI
In the below chart, we analyze the strength and volatility of Monero (XMR) using the following technical analysis indicators – Average Directional Index (ADX) and Relative Volatility Index (RVI).
To analyze the strength of the trend momentum, let us take note of the Average Directional Index (ADX). The ADX value is derived from the two directional movement indicators (DMI) such as +DI and -DI and is expressed between 0 to 100.
According to the data on the above chart, the ADX of XMR lies in the range of 18.8 pointing out a weak trend.
The above chart also displays another technical indicator – the Relative Volatility Index (RVI). This indicator measures the volatility of an asset’s price movement over a specific period. With respect to the chart’s data, the RVI of XMR lies below 50, indicating low volatility.
Comparison of XMR with BTC, ETH
Let us now compare the price movements of Monero (XMR) with that of Bitcoin (BTC), and Ethereum (ETH).
From the above chart, we can interpret that the price action of XMR is similar to that of BTC and ETH. That is, when the price of BTC and ETH increases or decreases, the price of XMR also increases or decreases respectively.
Monero (XMR) Price Prediction 2024-2030
With the help of the aforementioned technical analysis indicators and trend patterns, let us predict the price of Monero (XMR) between 2024 and 2030.
Monero (XMR) Price Prediction 2024
If bulls dominate the price momentum and trend patterns, then Monero (XMR) might successfully test and surpass its resistance levels to hit $220 by 2024.
Monero (XMR) Price Prediction 2025
The significant upgrades in the Monero ecosystem might persuade the entry of an increased number of investors. This may eventually boost the Monero (XMR) price to reach $240 by 2025.
Monero (XMR) Price Prediction 2026
If Monero (XMR) successfully tests its major resistance levels and continues to move upwards, then it would rally to hit $260.
Monero (XMR) Price Prediction 2027
If Monero (XMR) sustains major resistance levels and stands as a better investment option in the market, then XMR would rally to hit $280.
Monero (XMR) Price Prediction 2028
If Monero (XMR) holds a positive market sentiment amid the highly-volatile crypto market by driving significant price rallies, then XMR would hit $300 by 2028.
Monero (XMR) Price Prediction 2029
If investors flock in and continue to place their bets on Monero (XMR), then the crypto would witness major spikes. Hence, XMR might hit $320 by 2029.
Monero (XMR) Price Prediction 2030
By 2030, the XMR price might rally to $340 if the trend momentum aligns in favor of Monero. Furthermore, XMR would hold a positive market sentiment and be labeled as a long-term investment with highly profitable ROI.
Conclusion
If Monero (XMR) establishes itself as a good investment in 2023, this year would be favorable to the cryptocurrency. In conclusion, the bullish Monero (XMR) price prediction for 2023 is $210. Comparatively, the bearish Monero (XMR) price prediction for 2023 is $104.3.
If there is a positive elevation in the market momentum and investors’ sentiment, then Monero (XMR) might hit $200. Furthermore, with future upgrades and advancements in the Monero ecosystem, XMR might surpass its current all-time high (ATH) of $517.62 and mark its new ATH.
FAQ
1. What is Monero (XMR)?
Monero is a privacy-centric cryptocurrency based on the CryptoNote protocol, which is a secure, private and undetectable currency system.
2. Where can you buy Monero (XMR)?
Traders can trade Monero (XMR) on the following cryptocurrency exchanges such as Binance, OKX, CoinW, Deepcoin, and Bitrue.
3. Will Monero (XMR) record a new ATH soon?
With the ongoing developments and upgrades within the Monero platform, Monero (XMR) has a high possibility of reaching its ATH soon.
4. What is the current all-time high (ATH) of Monero (XMR)?
Monero (XMR) hit its current all-time high (ATH) of $517.62 on May 08, 2021.
5. What is the lowest price of Monero (XMR)?
According to CoinMarketCap, XMR hit its all-time low (ATL) of $0.213 On Jan 15, 2015.
6. Will Monero (XMR) hit $200?
If Monero (XMR) becomes one of the active cryptocurrencies that majorly maintain a bullish trend, it might rally to hit $200 soon.
7. What will be the Monero (XMR) price by 2024?
Monero (XMR) price might reach $220 by 2024.
8. What will be the Monero (XMR) price by 2025?
Monero (XMR) price might reach $240 by 2025.
9. What will be the Monero (XMR) price by 2026?
Monero (XMR) price might reach $260 by 2026.
10. What will be the Monero (XMR) price by 2027?
Monero (XMR) price might reach $280 by 2027.
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Disclaimer: The opinion expressed in this chart is solely the author’s. It does not represent any investment advice. TheNewsCrypto team encourages all to do their own research before investing.
Read more: https://thenewscrypto.com/monero-xmr-price-prediction
Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
