Sally Ho's Technical Analysis 22 September 2019

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Can Monero (XMR) Trade At $100 By End Of May?

zycrypto

4mon ago

Monero is a cryptocurrency with a focus on privacy. The asset has gained attention based on its anonymity payment features. Monero runs a proof-of-work algorithm dubbed CryptoNight, which works well with CPU and GPU mining.

By the time of writing, Monero is currently ranked in the 12th position, trading at $86.42 with a market capitalization of $1.4 billion.

Monero’s success can be attributed to its anonymous feature which is attracting many investors.

Recently, Monero’s market worth has been on the rise by gradually rising in trade-line when paired with the US dollar. During Monero’s last drop in price, the asset was trading around the $64 mark.

The 50-day SMA indicator is slightly below the Bollinger Middle Band as the XMR/USD pair found below the present trademark. The XMR/USD market seems not let out of the bulls’ control yet, and that may take some time for the bears to stage a come-back in the market.

Monero has been gaining acceptance and it might hit the $100 mark by the close of May. The platform has made some improvements in terms of privacy and coding. Recently, Exodus Eden incorporated Monero to its latest version with the ability to use your own Monero (daemon/node) feature being worked on.

Additionally, projects like MoneroBox and Monero javascript are now part of the XRP ecosystem. Important to note is that Monero works on CryptoNight proof-of-work (PoW) algorithm, which differs from other PoW Methodism.

The technology is protected from domination from companies with massive ASIC farms. Based on these factors, Monero should easily hit the $100 mark by the close of 2019.

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