Report: "Monero and Cardano May Become the Most Valuable Coins in the Future" - XMR Price Analysis
Monero (XMR) and Cardano (ADA) May Become the Most Valuable Coins in the Future – Report
Bloomberg recently published a report by Sherwin Dowlat of Satis Group that stated that Cardano and Monero will likely be the most valuable tokens in the future. The deduction was premised on cryptocurrencies utility for storage of value, economic and implied velocities.
The analysis said that privacy coins such as Monero and Zcash will build a market and value around illegal activities as entities seeking anonymous transactions continue to be inclined towards these tokens described by the report as “the world’s two leading anonymity currencies”.
The report stated that the privacy inclined segment of the crypto market will favor the platform with the most active code base development effectively giving Monero 60 percent market share while Zcash will get a third of that market.
Monero Value Spikes Amid Fundamental Factors
The Economist recently mentioned Monero among the cryptocurrencies that anyone interested in digital currency investment should consider. This though has not impressed the community and there was a backlash on Twitter with many commentaries that point to the media as having Marxist views. Others said that the media is projecting the views of its owners.
Another piece of news that has impacted Monero price is the Satis Group report that XMR will rise to values as high as $18,000 in 5 years. According to the report, Monero will make the highest appreciation among the current digital currencies in the coin market. This has created a higher demand for the coin as investors bet on it as the best investment for the future.
Monero (XMR) primed for Extended Run
The metrics are really looking bright for Monero and nearly all analysts are long on the cryptocurrency. There is no doubt that the demand for security tokens will rise in the future especially with recent reports creating more buzz for privacy coins.
MACD is looking great on the purchase side while the exponential moving average is well above the MA. It is a buy time for Monero and the coin is seeing the result in the boost it has seen in the past few days.
However most traders would rather buy now and sell with measured percentages, all the while ensuring appropriate stop-losses even though it is apparent that the bullish market will extend. Despite that, there still is no certainty when the bulls will slow and a possible trend reversal.
Speaking about reversal, if the price of XMR ends the week close to its falling Wedge resistance line, a reversal will be likely take the coin lower to the next support area.
Cryprobesitey analysis of data feed off Kraken said, “The target of our Falling Wedge breakout pattern would be taking the privacy focused cryptocurrency back to the lower 400s.”
The most prominent support in the long-term dominant bear foe XMR is located at the $80. It is advisable that every stop loss doesn’t go below this point in the bid to manage trading risks.
At the time of reporting, XMR is trading at $124.42 up 3.64 percent with a day volume of $7,932,000 according to data from Bitfinex.
XMR/USD Price Chart, Tuesday September 4th:
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