Monero (XMR) Price Analysis: Is $400 Possible By End Of Year? Sunday, October 28th
A price rise from a little over $100 to $400 in around 2 months is a big ask but is not something that has not been witnessed in the past...
Monero Price Analysis, Is $400 Possible By End Of Year?
Monero had a bright start of the month. As of October 03, the coin was trading around $118 and although these positions made a correction and settled around $114, this remained impressive. Unfortunately, these prices dipped on October 11 and the coin has been unable to recover from this.
The only good news since then is that the bulls found support at $99. This means it is unlikely that price will fall below this position. It also makes Monero one of the safest coins to buy right now given its low position and its almost assured support level, not to mention you stand to gain as high as $400 if it soars.
At the time of writing this, Monero is trading at $104.36 with a market cap of little over $1.7 billion. The price marks a 1.11% drop in the last 24 hours. Early in the month, we reported on an expert prediction that mentioned Monero would have a 43% price growth. Given the month is coming to an end in less than a week, this seems unlikely. If anything, it is likely to end on a lower position than it began.
XMR/USD Price Chart, Sunday October 28th:
This goes to show how hard it can be to make predictions over cryptocurrencies. They remain speculative, volatile and prone to a number of external micro and macro factors.
However, its low position is not a reflection of a bad performance from the project.
Monero remains arguably the strongest and most popular privacy-oriented coins in the market. Recently, Charlie Lee, the developer of Litecoin, speaking at the Money 2020 conference hailed privacy-oriented altcoins noting Monero as one of the coins leading the race.
A price rise from a little over $100 to $400 in around 2 months is a big ask but is not something that has not been witnessed in the past. The project still has much potential in growth but the bulls will have to ensure that prices do not dip to the current positions again.
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