Monero Price Prediction — Will XMR Hit $400 Soon?

Monero Price Prediction 2021 – Will XMR Hit $500 Soon?
  • Bullish XMR price prediction is $239.9 to $390.9.
  • XMR price will also reach $400 soon.
  • XMR bearish market price prediction for 2021 is $113.6.

In Monero (XMR) price prediction 2021, we use statistics, price patterns, RSI, RVOL, and much other information about XMR to analyze the future movement of the cryptocurrency.

XMR Current Market Status

According to coingecko, the price of XMR is $232.83 with a 24-hour trading volume of $156,332,230 at the time of writing. However, XMR has increased to 1.6% in the last 24 hours.

Moreover, XMR has a circulating supply of 18,037,168 XMR. Currently, XMR trades in cryptocurrency exchanges such as Binance, Mandala Exchange, OKEx, Huobi Global, and KuCoin.

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 2021

Monero holds the 47th position on CoinGecko right now. XMR price prediction 2021 explained below with a daily time frame.

XMR/USDT Ascending Channel Trend Pattern (Source: Tradingview)

An ascending channel is a pattern made up of two uptrend lines drawn above and below the price which indicate resistance and support levels. This is a bullish chart pattern defined by a trendline supporting the series of higher lows and a diagonal resistance level connecting the higher highs. While on the channel, prices should jump upper and lower ranges. When such reversals occur, the method is more reliable.

Currently, XMR is at $231.5. If the pattern continues, the price of XMR might reach the resistance level to $296.8 and $326.2. If the trend reverses, then the price of XMR may fall to $176.1.

Monero (XMR) Support and Resistance Level

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

XMR/USDT Support and Resistance Level (Source: TradingView)

From the above daily time frame, it is clear the following are the resistance and support levels of XMR.

Resistance Level 1$239.9
Resistance Level 2$291.5
Resistance Level 3$340.8
Resistance Level 4$390.9
Support Level 1$177.9
Support Level 2$113.6

The charts show that XMR has performed a bullish trend over the past month. If this trend continues, XMR might run along with the bulls overtaking its resistance level at $390.9.

Accordingly, if the investors turn against the crypto, the price of the XMR might plummet to almost $113.6, a bearish signal.

Monero Price Prediction 2021 — RVOL, MA, and RSI

The Relative Volume (RVOL) of XMR is shown in the below chart. It is an indicator of how the current trading volume has changed over a period of time from the previous volume for traders. Currently, RVOL of XMR lies below the cutoff line, indicating weaker participants in the current trend.

XMR/USDT RVOL, MA, RSI (Source: TradingView)

More so, the XMR’s Moving Average (MA) is shown in the chart above. Currently, XMR is in a bearish state. Notably, the XMR price lies below 50 MA (short-term), so it is completely in a downward trend. Therefore, there is a possibility of a reversal trend of XMR at any time.

Meanwhile, the relative strength index (RSI) of the XMR is at level 42.24. This means that XMR is in a neither overbought nor oversold state. However, this means a major price reversal of XMR may occur in the upcoming days.

Monero Price Prediction 2021 — ADX, RVI

Let us now look at Monero’s Average Directional Index (ADX). It helps to measure the overall strength of the trend. The indicator is the average of the expanding price range values. ADX is a component of the Directional Movement System. This system attempts to measure the strength of price movement in the upward and downward directions using DMI indicators with ADX.

XMR/USDT ADX, RVI (Source: TradingView)

The above chart represents the ADX of Monero. Currently, XMR lies in the range at 32.4, so it indicates a strong trend.

From the above chart, the Relative Volatility Index (RVI) of XMR. RVI measures the constant deviation of price changes over a period of time rather than price changes. The RVI of XMR is above the 50 level, indicating that the direction of volatility is high. In fact, XMR’s RSI is at the 42.24 level thus confirming a potential either buy or sell signal.

Comparison of XMR with BTC, ETH

The below chart shows the price comparison between Bitcoin, Ethereum and Monero.

BTC Vs ETH Vs XMR Price Comparison (Source: TradingView)

From the above chart, we can identify the trend of the ETH is moving at the upward trend. But, the recent trend of BTC and XMR moves in a downward direction.

Conclusion

With continuous improvements in the Monero network, we can say that 2021 is a good year for XMR. For this reason, the bullish price prediction of Monero in 2021 is $390. On the other hand,  the bearish XMR price prediction for 2021 is $113.6.

Furthermore, with the advancements and upgrades on the XMR ecosystem, the performance of XMR would rise reaching $296.8 very soon. But, it might also reach $400 if the investors believe that XMR is a good investment in 2021.

FAQ

What is a Monero?

Monero is a privacy-centric cryptocurrency based on the CryptoNote protocol, which is a secure, private and undetectable currency system.

Where can you purchase XMR?

XMR has listed on many crypto exchanges which include Binance, Mandala Exchange, OKEx, Huobi Global, and KuCoin.

Will XMR reach a new ATH soon?

With the ongoing developments and upgrades within the XMR platform, it has a high possibility of reaching its ATH soon.

What is the current all-time high (ATH) of Monero?

On Jan 09, 2018, XMR reached its new all-time high (ATH) of $542.33.

Is XMR a good investment in 2021?

Monero seems to be one of the top-gaining cryptocurrencies this year. According to the recorded achievements of XMR in the past few months, XMR is considered a good investment in 2021.

Can Monero (XMR) reach $400?

Monero (XMR) is one of the active crypto that continues to maintain its Bullish state. Eventually, if this bullish trend continues then Monero (XMR) will hit $400 soon.

What will be the XMR price by 2022?

Monero (XMR) price is expected to reach $320 by 2022.

What will be the XMR price by 2023?

Monero (XMR) price is expected to reach $460 by 2023.

What will be the XMR price by 2024?

Monero (XMR) price is expected to reach $520 by 2024.

What will be the XMR price by 2025?

Monero (XMR) price is expected to reach $640 by 2025.

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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Monisha is a Senior Programmer in the Automotive Embedded domain. Her interest in the cryptocurrency field made her write about crypto and blockchain-related news.