- Bullish Monero (XMR) price prediction for 2021 is $195.
- XMR bearish market price prediction for 2021 is up to $128-$140.
- Moreover, the darknet marketplace White House Market chooses XMR as its main digital asset in the platform.
This Monero (XMR) Price Prediction 2021 article is based on technical analysis alone. Below, you will see the key metrics that we have taken into consideration upon coming up with our XMR price analysis and prediction.
Monero is one of the most active privacy-focused digital assets in the crypto world. Hence, XMR ranks as one of the top 20 cryptos in Coingecko, with a market capitalization of over $3 billion. In terms of security, Monero promotes a secure transferring of funds across borders.
The Monero network uses cryptography. This technology protects its users by providing a shield in sending and receiving addresses, as well as transacted amounts. In short, all transactions in the Monero network are hidden and cannot be traced by anyone.
Now that we are knowledgeable about XMR, do you think XMR will continue to be a profitable cryptocurrency this year? Join me and let us find out together in this CoinQuora Monero (XMR) price analysis and price prediction 2021. But before we head there, let us understand more about what is Monero (XMR)?
What Is Monero (XMR)
Monero is one of the most important cryptocurrencies when it comes to payment security. XMR was launched and developed in 2014 by Riccardo Spagni and David Latapie. The developers designed the crypto to provide a high level of privacy to its users. For this reason, the network has become popular for users and investors who favor anonymity.
When it comes to trading, the crypto’s average daily trading volume amounts to almost $1 billion. Miners in the network are based on a democratic concept where the network treats all users equally. Accordingly, XMR miners can mine on their own by using a normal CPU that does not require any complicated hardware like ASICs.
Now that we have a full understanding of what is Monero (XMR), what are we waiting for? Let us now head to our XMR price analysis and prediction 2021.
Monero (XMR) Price Analysis 2021
Monero continues to show bullish signs as it enters the year 2021. Accordingly, XMR resides above the Fibonacci golden ratio, an uptrend position. Would this be enough to encourage investors to stay in the network and invest more? Let us see the charts in this XMR price analysis.
The graph above displays how XMR successfully manages to survive the wild market volatility in the past year. Also, the graph shows Monero’s bullish recovery from its bearish dip last March 2020. This bearish dip price of $25 has a growth rate of almost +600% from its current price of $165.82. In other words, the crypto is profitable, a word that is music to the ears of its investors.
When it comes to its market position, XMR resides within the bullish territory. Currently, Monero opens its day with a trading price of $157.94 per crypto. This trading price of the crypto has a growth rate of +30.1% in the past 7 days. If this goes on, the crypto might reach the price of $180 and go beyond even further. This is most likely to happen if the bullish market continues to side with the crypto.
In terms of Fibonacci retracement, the crypto positions its price above the Fibonacci level 0.382, a bullish position. Therefore, traders can continue holding and trading XMR with confidence.
However, if the crypto opens below the Fibonacci level 0.5, XMR might experience a price decline. In this case, the bulls must quickly recover and head back to their uptrend position of $160. Otherwise, the bears can pull down the crypto even further under the Fibonacci level of 0.618, a level that could cause FUD among its traders.
Monero (XMR) Price Prediction 2021
Recently, the White House Market, a prominent darknet marketplace, has made XMR the main digital asset of its platform. Do you think this would be enough to make XMR crypto profitable? Let us find out in this XMR price prediction 2021.
Based on the graph above, XMR continues to prove itself as a productive digital asset in the crypto world. In the early days of 2021, the crypto displays outstanding performance as it surges its price level to almost +240%. This price growth rate comes from its bearish dip price of $44.12 in December 2018 to over $150 in the first quarter of 2021.
With this in mind, it is safe to say that Monero is one of the reliable digital currencies in the crypto market. Recently, XMR trades a high price of $174 with a growth rate of +16% in the last 30 days. If this keeps up, the bulls might continue their rally towards the resistance price of $190.
Furthermore, the price of Monero can climb even higher until it reaches the bullish price of $195. This probably might happen if the crypto continues to receive more funds from its investors in the crypto world.
However, if the crypto loses the trust of its investors, the price of XMR may breakout from its uptrend position. Its price could fall to almost $140 with a decline rate of -18.45% from its current price of $171.
In this case, the bulls must find a way to regain their competitive advantage against the bears. Otherwise, the bears will not waste time in dragging down the price of XMR to $128. This is a scenario not in favor of the network’s investors.
Monero (XMR) Price Prediction 2021 – RSI and MACD
On the other hand, the moving average convergence/divergence (MACD) of the crypto has just performed a bullish crossover. In other words, XMR is gearing towards a bullish direction. In this case, traders can expect a bullish market in the following days. But, if MACD falls below the signal indicator and the price crypto opens below Arnaud Legoux Moving Averages (ALMA), it will be a different scenario.
Meanwhile, the relative strength index (RSI) is still in a neutral position. This means that the crypto is not overbought nor oversold. Consequently, traders can still trade with confidence without worrying about any extreme price reversal.
In conclusion, the bullish XMR price prediction for 2021 is $195. This bullish price of $195 is most likely to hit in the first quarter of 2021. Moreover, Monero’s conservative price prediction in 2021 is $128 – $140.
Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.
Legacy Records, The First Record Label Paying Music Artists In Crypto
From painters to digital artists to musicians, crypto continues to find integration across artistic mediums. Music continues to be a field that is ripe for revitalization, from a business standpoint. Accordingly, a number of different musicians have been releasing songs and albums as NFTs. Now, we have what’s being reported as the first official record label looking to get involved. The label looks to have artists join the ranks of other musicians getting involved in crypto.
In a press release issued to start this week, Legacy Records CEO Keishia McLeod said it came down to “either get involved or get left behind”. McLeod cited unique income stream opportunities for artists and closed by saying that “this is the future, not a trend”. McLeod has stated previously her intent to drive the label to be at the forefront of leveraging emerging technology in music.
There are two major buckets contributing to Legacy’s approach. The first is the most notable, as the label will become the first to offer artists an opportunity to receive their advance and royalty payments in the form of crypto. The second is to engage artists with NFTs, allowing fans to participate in auctions for unique content. The label’s specific plans around NFTs, and number of artists seeking to get paid in crypto, have not yet been disclosed.
As the crypto market grows, both artists and businesses are getting involved | Source: CRYPTOCAP-TOTAL on TradingView.com
Legacy Music’s Broader Business Growth
Las Vegas-based Legacy Records, not to be confused with Sony’s Legacy Recordings, will look to take advantage of the potential press buzz from the announcement. However, in tandem with the release, the label also announced a to-be-name music distributor who has also agreed to pay Legacy Records artists in bitcoin. The label also merged with New Jersey entertainment lawyer Navarro Gray’s ‘The Gray Firm’, to provide legal guidance around digital execution.
McLeod has noted previously that the label has desired being a mainstay in revolutionizing the way music artists do business. In a January interview with the LA Tribune, McLeod cited Netflix’s impact on the film industry, adding that “we haven’t seen that yet in this industry, but it’s coming. We’re going to be a large part of making that happen”.
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Music Artists Emerging Into Crypto
Legacy’s roster has the potential to join a growing list of music artists that continue to engage with crypto and NFTs. Last month, we wrote about long-time hip-hop artist Eminem partnering with Nifty Gateway to release original instrumental beats. Saturday Night Live promptly had a sketch explaining the digital collectibles parodying Eminem’s “Without Me”.
Other musicians engaging with NFTs include DJ Premier, 3LAU, The Weeknd, Linkin Park’s Mike Shinoda, and more.
Each week, our team recaps the week’s NFT action with ‘NFTs In A Nutshell‘ – covering everything NFT, from sport, music, and more.
Featured image from Pixabay, Charts from TradingView.com
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XRP, Dogecoin, Chainlink Price Analysis: 17 May
Dogecoin required to counter bearish conditions before a jump above $0.569 resistance. Lastly, Chainlink needed to push above $45.5 to trigger a bullish comeback after a descending triangle breakdown.
Gains made over the last three days were impressive especially considering a bearish broader market, but sellers returned at $1.52-resistance. At press time, the cryptocurrency traded within the channel $1.52-$1.31 and reflected a degree of equilibrium between the buyers and sellers. For those hoping to make profits from a volatile XRP market, ADX’s movement dimmed expectations. Since mid-April, ADX has been on a steady decline and a period of consolidation seemed likely.
RSI hovered in the neutral territory around 50. A symmetrical triangle awaited a breakout to the upside and the Fibonacci tool presented a few target levels above the 200% extension level north of $3 (not shown).
On the daily timeframe, Dogecoin showed some sideways movement as bulls prepared for the next upswing. The channel between $0.523 and $0.373 was bolstered by the 20-SMA (blue) and formed a reliable buy zone should another dip occur.
As mentioned earlier, breaking above $0.569 resistance could trigger another rally in the DOGE market. Steering clear of $0.73-resistance would heighten the chances of DOGE touching $1. However, bearish conditions still presided and had to be countered first before any talks of an upswing. Awesome Oscillator noted bearish pressure after a series of red bars. MACD line remained below the Signal line but a bullish crossover could signal the onset of an uptrend.
Chainlink broke south from a descending triangle and a single candlewick dropped as low as $35.1- representing losses of 14% from the bottom trendline. Now below its 50-SMA (yellow) on the daily timeframe, bearish sentiment could lead to another sell-off towards $31 for LINK. On the other hand, some buying volume was noted on the 4-hour timeframe. A pickup in volumes and buying pressure could lead to a resurgence above $45.5 and this would likely push LINK beyond $50. A broader market recovery could act as a catalyst for such a price swing.
Meanwhile, RSI’s lower highs confirmed weakness after LINK formed a peak at $52.9. Even though Chaikin Money Flow dipped over the past couple of days, the index was still well above the half-line as capital inflows outmatched outflows.
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Speculation Tesla Dumped Its Bitcoin Holdings Denied By Musk
Elon Musk puts to bed rumors that Tesla has sold its remaining Bitcoin holdings. The comments came following his second attack on the leading cryptocurrency. This time, he called out the dominance of Chinese mining pools in a now-deleted tweet.
Bitcoin continued from its weekend slide with another drop today, currently down 5% at the time of writing. Given Musk’s apparent influence on markets, some insist he exercises more restraint on social media.
Tesla Has Not Dumped Its Bitcoin
Last week, the Tesla boss announced his firm would no longer accept Bitcoin as payment for its EVs. The reason he gave was a growing concern about the use of highly polluting coal by miners.
This coincided with a mass sell-off in which Bitcoin was hit particularly hard, closing the day down 13% to $49.5k.
Today, Musk tweeted that Bitcoin is highly centralized due to the small number of mining pools that control the network. He maintains that coal is a significant power source for miners, despite counter claims that the network runs mostly on renewable sources.
“A single coal mine in Xinjiang flooded, almost killing miners, and Bitcoin hash rate dropped 35%. Sound decentralized to you?”
In amongst the responses, @CryptoWhale suggested that Tesla will sell their Bitcoin holdings. Adding that, if that happened, Bitcoiners would only have themselves to blame. He was referring to the outpouring of hate directed at Musk.
Bitcoiners are going to slap themselves next quarter when they find out Tesla dumped the rest of their #Bitcoin holdings.
With the amount of hate @elonmusk is getting, I wouldn’t blame him…
— Mr. Whale (@CryptoWhale) May 16, 2021
Musk replied to the tweet with a response of “Indeed.” Some publications interpreted this as confirmation that Musk had already dumped his Bitcoin holdings.
But in a semblance of grace, Musk put the record straight by saying Tesla has not dumped its BTC holdings.
“To clarify speculation, Tesla has not sold any Bitcoin.”
However, with everything that has gone on since last week, is it only a matter of time before Tesla sells up?
Musk Should Be Aware Of His Influence In Moving Markets
Key crypto figures have rallied together in support of Bitcoin. Michael Saylor announced a $15 million BTC buy adding to MicroStrategy’s already substantial war chest, while Jack Dorsey tweeted a message of support in improving its green credentials.
However, @PlanB took a less nuanced approach by accused Musk of deliberating trying to destroy Bitcoin. The comment came in a poll asking his followers whether Musk has derailed Bitcoin from meeting expectations per the stock-to-flow model (S2F).
S2F refers to a predictive model based on scarcity over time. PlanB, who adapted it for Bitcoin use, puts the price of BTC at a minimum of $100,000 by year-end.
The Managing Partner and Co-founder of Nexo, Antoni Trenchev, said Musk should “wake up” to his influence in moving markets.
“He has to wake up to the reality that with his following, even single-worded tweets can move markets.”
But as some would suggest, he is already well aware of his clout in that regard.
Source: BTCUSD on TradingView.com
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