Does Monero (XMR) Have Potential For The Long Term? - Kakiforex.com - Financial Market Media No. 1 in the World Does Monero (XMR) Have Potential For The Long Term? Does Monero (XMR) Have Potential For The Long Term?
InstaForex

June 15, 2021

Does Monero (XMR) Have Potential For The Long Term?

 Monero is a privacy -focused cryptocurrency. It is an open source protocol based on the CryptoNote application layer that uses an ‘obfuscated public ledger’, which means anyone can send or post transactions.


BitMonero is the original name for Monero which Bit is an abbreviation for Bitcoin, and Monero comes from the Spanish word meaning ‘coin’. Yet the BitMonero combination only lasted for 5 days and was later shortened to Monero only.


Launched in 2014, Monero is a privacy, decentralized and scalable nature that has potential for the long term because Monero is rooted in the idea of ​​Bitcoin which was originally created to protect user privacy.


Next, let’s look at the XMR/USDT price movement chart.


XMR was only able to produce over 200% positive gains at the market opening of 2021 from January to early May and back to decline again due to the impact of the Bitcoin (BTC) fall.



However, the failure to continue the rise has led to a decline to the support level around $ 140 from the all -time high (ATH) that was recorded at the price level of $ 517.62 on 7 May.


According to further expectations, analysts expect XMR to make a rise to test the SBR (support become resistance) zone again around the $ 300- $ 320 price.


If the XMR price movement manages to break the resistance level, the bullish target is seen to test the next SBR zone at the $ 380- $ 400 price level before making a rise to test the latest all-time highs.


However, if the price shows a bearish pattern, the SBR (support become resistance) zone around $ 200- $ 220 will be tested first before continuing the decline to the support zone that has been recorded before.


At the time of writing, Monero traded $ 281 jumping over 4% in the last 24 hours.