Monero Price Prediction 2021 – Will XMR Hit $500 Soon?

Monero Price Prediction 2021 - Will XMR Hit $500 Soon?
  • Bullish XMR price prediction ranges from $230 to $496.
  • The XMR price might also reach $500.
  • XMR bearish market price prediction for 2021 is $189.

In XMR price prediction 2021, we use statistics, price patterns, ADX, and much other information about XMR to analyze the future movement of the cryptocurrency. 

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.

Current Market Status of Monero (XMR)

According to Coingecko, the price of XMR is $193.27 with a 24-hour trading volume of $134,183,792 at the time of writing. However, XMR dropped to 4.96% in the last 24 hours.

Moreover, XMR has a circulating supply of 17,955,723 XMR. Currently, XMR trades in cryptocurrency exchanges such as Binance, ZBG, OKEx, Huobi Global and TOKENCAN. 

Monero (XMR) Price Prediction 2021

Monero (XMR) holds the 28th position on CoinGecko right now. XMR price prediction 2021 explained below with a daily time frame. 

XMR/USDT Descending Triangle Pattern (Source: Tradingview)

The descending triangle is most commonly seen during downtrends and is often interpreted as a bearish signal. The ascending triangle pattern is reversed in the descending triangle pattern.

As the price continues to make lower highs, descending triangles indicate to investors and traders that sellers are more aggressive than buyers. When the price breaks out of the triangle in the direction of the overall trend, the pattern is complete.

Contrary to popular belief, a descending triangle can be bullish or bearish. A regular descending triangle pattern is traditionally regarded as a bearish chart pattern. A descending triangle pattern, on the other hand, can be bullish.

Currently, XMR is waving at $193.27. After this, XMR may continue to fall or rise according to the direction of breakout. With this pattern, XMR has more possibilities to reach the resistance level at $320 soon. If the trend reverses, then the price of XMR may fall to $189.

Monero (XMR) Support and Resistance Level

The below chart shows the support and resistance level of Monero (XMR). 

XMR/USDT Support and Resistance Level (Source: Trading view)

From the above chart, it is observed that the following are the resistance and support level of XMR.

  • Resistance Level 1 – $230
  • Resistance Level 2 – $283
  • Resistance Level 3 – $345
  • Resistance Level 4 – $412
  • Resistance Level 5 – $496
  • Support Level 1 – $189
  • Support Level 2 – $149
  • Support Level 3 – $124

The chart depicts the bearish performance of XMR over the previous month. However, this trend will continue to reach resistance level at $320 soon. On the contrary, if the trend reversed then XMR might fall to $189 presenting a bearish signal.

Monero (XMR) Average Directional Index (ADX)

Let us now look at XMR’s Average Directional Index (ADX). In particular, the ADX assists traders in determining the strength of a trend rather than its direction. It can also be used to determine whether the market is changing or if a new trend is beginning. It is, however, linked to the Directional Movement Index (DMI).

Moreover, the oscillator has a range of 0 to 100. In addition, a high value represents a strong trend, while a low value represents a weak trend. Furthermore, it is frequently combined with directional indicators.

XMR/USDT ADX (Source:TradingView)

The above chart represents the ADX of XMR with the range at 25.97, so it indicates a strong trend.

Conclusion

The XMR is one of the cryptos which is great for long-term investment. In addition, XMR price prediction will be bearish or bullish, until the breakout direction is confirmed. But, it has a good chance of reaching $320 this year. However, this will only happen if many previous psychological barriers are broken.

Furthermore, with the advancements and upgrades on the XMRecosystem, the performance of XMR would rise reaching $320 very soon. But, it might also reach $500 if the investors believe that XMR is a good investment in 2021.

Disclaimer: The opinion expressed in this chart solely author’s. It is not interpreted as investment advice. TheNewsCrypto team encourages all to do their own research before investing.

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