In the altcoin department, Monero is often overlooked by cryptocurrency traders. Although that is not entirely difficult to explain, the popular privacy-oriented currency has a lot of potential. When looking at future Monero price predictions, it seems the opinions are somewhat contradictory. That makes for interesting possible scenarios where XMR is concerned.
#3 Short XMR Due to Failed Pushes
When looking at the Monero price charts for the past few weeks, it has become evident XMR is a very volatile currency at this time. A strong push to $140 could not be maintained, and any subsequent uptrends have ultimately caused even further downturns. As such, it seems unlikely the Monero price will hit $125 or more in the near future, albeit there is a good chance the price will not drop too much in the coming days.
According to CryptoMedicaiton, however, it appears Monero is an ascending price channel. In most cases, this would warrant bullish momentum, but this trader sees things very differently. A very worrisome trading volume, combined with bearish indicators, do not spell a very positive outlook. Although cryptocurrencies are known for doing things very differently, it is evident this price chart may hold a lot of merit based on the current circumstances.
#2 Cautiously Bullish
Trader Ero23 shared this Monero price chart a month and a half ago. At that time, it became evident he was cautiously optimistic, and even expected the XMR price to hit $2.000 by mid-2019. That trend can only materialize if the XMR value continues to maintain a value of $108 or more. So far, that has not proven to be any real problem, although the situation is always subject to change first and foremost.
It is safe to say the Monero price chart by Ero23 is bullish, albeit in a rather cautious manner. No immediate price surges are expected prior to late 2018, a time at which the projected XMR price will be close to the $240 mark. Starting in 2019, there will be a further slow uptrend prior to hitting full stride in mid-2019. To date, Monero has never come even close to hitting $500, let alone $2,000.
#1 Short-term Long
Given the current market conditions, it doesn’t necessarily seem like the best decision to open any long positions for cryptocurrencies. Coinkilavuz has a very different opinion, as he predicts a short-term uptrend for Monero, which can push the value all the way to $140 in the coming days and weeks. Achieving that goal will be challenging, for obvious reasons.
Ensuring this trend materializes, will be a different matter altogether. This chart shows the $107.78 level is crucial, which has been identified by other traders as well. If that level can remain in place, the $140 level could be reached as early as mid-November 2018. A lot will need to happen to ensure cryptocurrencies turn bullish again, though, but nothing is impossible.