Ambitious Price Prediction for Monero (XMR)!
XMR has remained relatively strong in the red-blooded cryptocurrency markets. The privacy-focused cryptocurrency went from $222 to $245 yesterday. Monero price continues to find buyers at $ 230 at the time of writing. So how many dollars are targeted for XMR in the medium and long term? Will the current uptrend continue?
Privacy-focused cryptocurrency Monero (XMR) is up around 9.5% compared to the crypto market’s 8.5% drop over the same period. Moreover, the XMR/USD pair broke above a strong, multi-month resistance trendline, raising upside hopes. The price of XMR fell 5% on April 10 from its monthly high of $245 reached the day before.
Speculation about organizations using Monero to circumvent sanctions could increase their appeal among investors. Meanwhile, the American research group Brookings warned last month that Monero, the first among privacy coins, could be “used as part of a sanction avoidance plan.”
The IRS has offered $625,000 payouts to those who can break the privacy protections of Monero, Zcash, and other cryptocurrencies.
Monero (XMR) Price Prediction
Monero ‘s market capitalization has increased by almost 85% since February, reaching $4.30 billion. Technical indicators suggest it could grow further in the second quarter.
This week XMR broke above a downward sloping trendline that has limited its upside attempts since May 2021. Interestingly, the trendline forms what appears to be a bull flag pattern, with a parallel lower trendline acting as support. A basic principle of bull flags is that they send the price in the direction of the previous uptrend (called a “flagpole”) after the price has definitively broken up.
As a rule, the inverted target of the bull flag is typically the sum of the breakpoint and the height of the flagpole. This brings XMR almost 110% from today’s close price of $235 to almost $480.
Popular cryptocurrency analyst Don Yakka sets a much more ambitious target. The analyst points to a classic “cup-and-handle” model and argues that its price can go up to $10,000.
However, privacy coins like Monero continue to face downside risks due to increased regulatory pressure from multiple governments around the world.