- The short-term momentum is capped by $140.00.
- Satis forecasts are behind Monero's stellar growth.
Monero (XMR) is changing hands at $137.06, off Tuesday's high reached $140.38. The 10th largest coin by market cap has gained nearly 30% in seven days time with the upside trend is set to continue provided that the general sentiments on the cryptocurrency market remain positive. Monero's market value is registered at $2.26B with daily trading volumes $53M.
Optimistic forecasts of Satis Group caused Monero's roaring success. The experts of the company stated that the coin would grow in price and reach $18,000 within the next ten years.
"Looking into the space, we believe the use cases that target the largest end-markets will primarily use XMR (~60%) and ZEC (~20%)."
"Considering the nature of the use cases, the Privacy market user base will most likely rely on networks that have more active codebase development, more resistance to centralized control (possibly through mining), a growing ecosystem, and growing user base. Not only is XMR far more active in codebase development ... and resistant to centralized mining efforts, it is fungible."
Monero technical picture
On the short-term timeframe, XMR/USD is capped by $140.00-$140.40 resistance level, that stopped the upside twice on Tuesday. Once it is cleared, the recovery may be extended towards $149 and $150 levels, where the selling interest is likely to appear. The coin hasn't traded that high since the end of July. On the downside, the support is created by $132.50 (SMA50, 1-hour) and $126.60 (SMA100). If it is broken, the price may continue its trip to the North with the next aim of $120. and $115 (SMA200, 1-hour).
XMR/USD, 1-hour chart
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.