Supply zones: $150.00, $160.00, $170.00
Demand zones: $100.00, $90.00, $80.00
Monero continues ranging in the medium-term outlook. The stochastic oscillator of yesterday predictions favoured the bears as they increase their momentum and pushed price down to $119.00 in the demand area.
The formation of a bullish railway track is a sign of trend reversal. In this case the commencement of the uptrend. The bulls momentum may gradually increase coupled with strong pressure.
The formation of bullish candles and a close above the 10-day EMA will put the bulls target at $129.00 in the upper supply area of the range in the medium-term.
The stochastic oscillator is in the oversold region at 21 percent, yet undefined. This suggests minor consolidation before movement in a particular direction. The upward momentum may likely be favoured on the long run.
$129.00 in the upper supply area of the range still valid and $120.00 in the lower demand area sacrosanct. Profit can be taken if a good ranging strategy is adopted during this period of consolidation.
XMR/USD Short-term Trend: Bullish
The cryptocurrency is in a bullish trend in the short-term outlook. The loss of momentum by the bears at $119.00 in the demand area after dropping price from $126.00 in the supply area return the bulls to the market. The large engulfing candle leaving this area confirm this.
Price is above the 10-day EMA is an indication of the bullish pressure.
The Stochastic Oscillator is leaving the oversold region and its signal points up. This implies upward momentum in monero price movement in the short-term.
Monero price predictions 2018: Monero is a cryptocurrency which is actually anonymous. Most of the other cryptocurrencies are just pseudonymous. This is the reason why this cryptocurrency has been gaining a lot of traction as well.
Like most of the other cryptocurrencies, it has also increased in value in the last 12 months. However, the question which remains is whether it is still a buy.
Monero price predictions 2018:
Currently, this cryptocurrency is trading around $ 313. The forecast for the calendar year end 2018 is around $ 650. Furthermore, the five-year forecast is around $ 2000. This ensures that from the present level as well, the appreciation which can be attained in this cryptocurrency is significant.
The main reason why such an appreciation is possible is owing to the fact that it is actually a completely anonymous cryptocurrency which upholds the principle of blockchain as well as cryptocurrencies.
In the past, even the law enforcement agencies have tried to discover the transacting parties but have failed. This is the reason why the potential in this particular cryptocurrency is immense. Many users all over the world are looking for completely anonymous cryptocurrencies in order to transact. This is the reason why this cryptocurrency can gain immense traction among such users as well.
Also, it has fallen from the peak like most of the other cryptocurrencies. Thus, it might be a good idea to buy it at the current prices. This will ensure that in the future, you will be able to get a good return as well.
In the future, if the anonymous nature of the cryptocurrencies is not maintained, only, in that case, it will not be able to provide you with any kind of appreciation. As long as the cryptocurrency is anonymous, you can be sure that the kind of appreciation which will be enjoyed by the cryptocurrency will be immense.
Moreover, the cryptocurrency regulations can actually be a threat to this cryptocurrency. This is the only thing which you need to look out for when investing in this cryptocurrency. Since it is decentralized and not controlled by a single Association, the future actually looks bright for this cryptocurrency.
Thus, if you’re looking for a cryptocurrency to invest in for the next couple of years, Monero surely seems to be one of the best options which you can invest in. It will help you in diversifying your portfolio easily as well.