Monero (XMR) has advanced more than 20% since August 05, 2024, rising from $136 to a high of $176. The current price of Monero (XMR) stands at $166, and for now, bulls continue to control the price movement. This positive trend is also supported by Bitcoin’s ascent beyond $61,000 and its ambitious aim to reach $65,000 in the upcoming days or even hours.
With such large returns, XMR has naturally outperformed most of the other top assets recently; however, investors should also keep in mind that investing in Monero (XMR) at the current price involves a significant degree of unpredictability and substantial risk. So, where is the price of Monero (XMR) going next, and what can we expect from September 2024?
Today, Crypto Lists will discuss Monero (XMR) price estimates from a technical and fundamental analysis perspective. Please note that there are also many other factors to consider when entering a position, such as your time horizon, willingness to risk, and how much margin you have if trading with leverage.
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- 1 Monero provides its users with enhanced privacy and security
- 2 Buying pressure can push the price toward new highs
- 3 Technical analysis for Monero (XMR)
- 4 Important support & resistance levels for Monero (XMR)
- 5 What speaks for the rise in the Monero (XMR) price
- 6 What indicates the downfall of Monero (XMR)
- 7 What do analysts and experts say?
Monero provides its users with enhanced privacy and security
Monero is a cryptocurrency with a focus on anonymity, and it is designed to protect the privacy of the sender (or receiver) of coins. Monero uses cryptographic techniques like ring signatures, confidential transactions, and stealth addresses to obfuscate the sender’s address, receiver’s address, and transaction amounts.
Due to this feature, tracing and linking transactions on the Monero blockchain becomes difficult, thus guaranteeing a considerable degree of privacy for its users. It’s important to highlight that Monero operates on a decentralized blockchain network, removing reliance on a single central authority. Instead, transactions are verified by miners who utilize computational power to secure the network.
Besides its privacy features, Monero operates similarly to other well-known cryptocurrencies, utilizing proof-of-work mining to control XMR issuance and incentivize miners to add blocks to the blockchain. Monero boasts a vibrant and devoted community of users and developers, garnering favor among entities and individuals who prioritize confidentiality and anonymity in their cryptocurrency dealings.
The price of Monero (XMR) is usually tied to the overall cryptocurrency market and like many other cryptocurrencies, XMR increased in value after Bitcoin recovered from its recent lows. However, analysts are split on Bitcoin’s future price direction, with some traders opting to either trade within the current range or wait for a breakout before making significant moves. Former PayPal CEO Peter Thiel believes Bitcoin’s upside potential is limited. In contrast, some crypto analysts argue that Bitcoin could easily surge above $70,000 in September, which would likely have a positive impact on Monero (XMR) as well.
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Buying pressure can push the price toward new highs
The wider dynamics of the cryptocurrency market continue to play an important role in determining the price of Monero, while signs that influential market participants known as crypto “whales” are becoming more interested suggest the frenzy around XMR is still not over.
Crypto analysts agree that the question remains whether the Monero (XMR) price will continue to rise from here or if it has reached its peak for this cycle. If the Monero (XMR) trading volume continues to rise, then the buying pressure can push the price toward new highs. However, a decline in the trading volume could be detrimental to the price and lead to a reversal.
Trading volume contributes significantly to the liquidity and a decrease in the trading volume reduces the overall liquidity, making it more difficult for traders to buy or sell large amounts of Monero (XMR) without affecting the market price. With reduced liquidity, the market may become more susceptible to price swings and potential investors should keep in mind that smaller trades could have a more pronounced impact on XMR’s price then.
Because of this, investing in Monero (XMR) should be approached with careful consideration. Conducting thorough research and assessing one’s risk tolerance are essential steps before making any investments in this cryptocurrency.
Technical analysis for Monero (XMR)
Monero (XMR) has advanced from $136 to $176 since August 05, 2024, and the current price stands at $165. An increase in the price can be attributed to several factors, with the most significant being a shift in market sentiment from negative to positive. If Monero’s (XMR) trading volume keeps increasing, the resulting buying pressure could drive the price to new highs.
Important support & resistance levels for Monero (XMR)
On this chart (the period from January 2024), I marked important support and resistance levels that can help traders understand where the price could move. The price of Monero (XMR) has rebounded from its recent lows and if the price jumps above $170, the next target could be resistance at $180. The important support level is $160, and if the price breaks this level, it would be a “SELL” signal, and we have the open way to $150. If the price drops again below $150, which represents an important psychological support level, the next target could be $130.
What speaks for the rise in the Monero (XMR) price
Monero is an open-source cryptocurrency that prioritizes privacy and decentralization. Although it has faced controversy because of its comprehensive privacy features, Monero continues to be a significant component of the cryptocurrency landscape, particularly for individuals who prioritize transactional privacy.
The price of Monero (XMR) has rebounded from its recent lows and if the Monero (XMR) trading volume continues to rise, then the buying pressure can push the price toward new highs. The overall sentiment on the cryptocurrency market also plays a very important role in XMR’s price trajectory, and if investors continue to be positive, an upside potential could benefit Monero (XMR).
What indicates the downfall of Monero (XMR)
Monero (XMR) is unpredictable and a risky investment, and because of this, investors should continue to be very cautious in the case of this cryptocurrency. The downfall of Monero (XMR) can be influenced by a wide range of factors, including negative news around Monero, market sentiment, regulatory developments, macroeconomic trends, and more.
Market conditions can change rapidly, and staying informed and employing risk management strategies are crucial when navigating the cryptocurrency market. Traders should also keep in mind that when Bitcoin, as the leading cryptocurrency, experiences a significant decline, it usually leads to overall negative sentiment across the entire market, affecting altcoins like XMR.
What do analysts and experts say?
The price of Monero (XMR) is usually tied to the overall cryptocurrency market and like many other cryptocurrencies, XMR increased in value after Bitcoin recovered from its recent lows. Crypto analysts said that if the trading volume of XMR continues to rise, then the buying pressure can push the price toward higher levels in September. However, a decline in the trading volume could be detrimental to the price and lead to a reversal.
Therefore, investing in Monero (XMR) should be approached with careful consideration. Conducting thorough research and assessing one’s risk tolerance are essential steps before making any investments in this space. In the upcoming weeks, the price of XMR will continue to be notably impacted by the general situation in the cryptocurrency market, as well as concerns about a potential economic downturn, increasing global tensions, and the proactive monetary strategies of leading central banks.
Disclaimer: Crypto is extremely volatile and not suitable for everyone to invest in. Never speculate with money that you cannot afford to lose. The information on this site is presented for educational purposes only and should not be construed as investment or financial advice.
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