Monero (XMR) May Continue Its Rally
On Wednesday, Sep 5, Monero is trading slightly lower against the USD, being around $138.06. Overall, XMR is going very well so far this month; it started rallying on Aug 31, and the momentum appears to be here to stay, although the buyers have got a bit less active lately, says the Chief Analyst at RoboForex, Dmitriy Gurkovskiy.
The short term outlook for Monero is positive. It may take some effort to break out $140-$140.50, but once done, the new target will be as far away as at $149.
Conversely, XMR may also experience technical correction and plunge to $132.50 and then to $126.60, both levels being important support lines. If this happens, Monero may go down further to reach $120.00.
So, right away, XMR is going to trade between its key support at $126.60 and the resistance at $140.50. The MACD is going up in the positives on D1, thus confirming the buy signal; the Stochastic is doing the same, also rising in the positives.
Fundamentally, one of the most interesting news items on XMR is Satis Group saying the crypto is going to rise heavily moving forward. They say it should reach $18,000 by the end of 2030.
Satis Group is an ICO consulting company; in particular, it creates various models for researching and predicting cryptocurrencies. In the case of Monero, the model showed the potential of XMR’s market cap reaching $3.57 trillion. This makes Satis Group assume that Monero is one of the most underpriced cryptos.
Of course, this is not as simple as it seems at first sight, as such potential (38,391%) is based on the opportunity to use Monero illegally, i.e. for money laundering or tax evasion. XMR is totally anonymous, and the analysts believe governments are wrong in overlooking it. As for other cryptos, Satis Group assumes Bitcoin can grow 1,941% in ten years while Litecoin should go up by 262%, Dash by 1,459%, and ZEC by at least 6,177%. Meanwhile, Ripple and Bitcoin Cash might, on the contrary, lose 99% and 68%, respectively.
Any predictions contained herein are based on the authors’ particular opinion. This analysis shall not be treated as trading advice. RoboForex shall not be held liable for the results of the trades arising from relying upon trading recommendations and reviews contained herein.