- Monero leads privacy-oriented coins in year-on-year growth, up 249% in 2020.
- A symmetrical triangle pattern hints at a possible upswing to $200 following the ongoing consolidation.
Monero, a $2.7 billion cryptocurrency performed incredibly well in 2020, leaving other privacy-oriented coins in the dust. According to Messari, a cryptocurrency analysis platform, XMR is up 249% year-on-year and is trading at $155.
Decred emerged as the second best-performing privacy coin, after growing by 142%. Zcash settled for the third spot following a 129% spike in 2020.
Top performing privacy coins
Monero is poised for a massive upswing
XMR/USD is trading within the confines of a symmetrical triangle on the hourly chart. The chart pattern is created by converging a couple of trendlines that link a series of sequential peaks and troughs. Generally, the trendlines are supposed to cross at an approximately equal slope. The formation brings to light a period of consolidation ahead of either a breakout or a breakdown.
A breakout happens at the descending trendline and signifies the start of a bullish trend. Symmetrical patterns tend to have precise price targets for the breakout or breakdown, mainly measured from the highest point to the pattern's lowest point.
For now, if a breakout occurs above the upper trendline, Monero could shoot up 25% to exchange hands at $200. Before the losses incurred over the last 48 hours, XMR had rallied close to this higher price level. Therefore, only a boost is required to elevate and place the privacy-centric token on another jaw-dropping performance streak in 2021.
XMR/USD 1-hour chart
On the other hand, a breakdown from the symmetrical triangle occurs from the ascending trendline and identifies the beginning of a downtrend. Its impact is contrary to the above bullish outlook. In this case, the losses would extend 25% from the current price level, testing the support at $115.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.
Latest Crypto News & Analysis
Editors’ Picks
Bitcoin must reclaim $40,000 or risk plummeting to $20,000, curtailing crypto bull run
Cryptocurrencies in the market seem to be resuming their uptrends, following significant losses in the previous weeks. Uncertainty in the market was brought about by Bitcoin’s swings to $40,000 and back to $34,000.
Chinese investors are growingly concerned that Polkadot fails amid EOS-like fraudulent activity
Polkadot is known as the Ethereum Killer and although started trading in 2020, quickly reached a market capitalization of $4 billion. This blockchain protocol offers a high throughput and low-cost transactions, but what does make DOT different than any of the other Ethereum competitors like EOS?
Binance Coin Price Forecast: BNB makes new all-time highs, bulls target $60 before ultimate upswing to $100
BNB price was able to hit a new all-time high at $46.88 on January 18 after a long grind that started in March 2020. The digital asset has been trading inside a healthy and robust uptrend and could rise even higher.
Ethereum price looks ready for lift-off, targeting new all-time high of $1,700
Ethereum outperformed Bitcoin this past weekend and remains trading above $1,200. The digital asset seems to be contained inside an ascending triangle pattern on the 4-hour chart and could see a breakout in the near term.
Bitcoin Weekly Forecast: BTC price faces extreme volatility ahead of a new all-time high
Bitcoin had a wild run this week, dropping from a high of $41,350 to a low of 30,420 in less than 48 hours.