Monero (XMR) currently trades around $222 and is probably one of the safest bets in the market right now. The price has been following a three driverâs pattern, trading in a diverging bullish channel. It has currently reached the bottom of the channel and will likely return with bullish momentum for the long haul that could drive its price all the way to $1,000 before the end of the year.
Monero (XMR) is one of the oldest cryptocurrency and has always been well respected for its privacy and completely decentralized nature. The need for coins like Monero (XMR) has been felt even more in recent times when we have seen even big projects like Ethereum (ETH) steer away from their original vision. Monero (XMR) being completely free of any central control has always been the centre of interest among investors looking to play it safe for the long term. It is also appealing to those who want to maintain an anonymous identity. A similar privacy coin, Verge (XVG) registered astronomical gains in the past few weeks. Monero (XMR) seems to have taken a hit due to the recent hardfork and bad press. The whole ASIC mining fiasco certainly did not help and the price reflected that. Just recently a fake Monero site scammed some users.
However, things look great on the big picture. Circle Invest just listed Monero (XMR) on its platform. It should be borne in mind that most of these companies like Circle Invest, Coinbase and TdAmeritrade are trying to get institutional investors onboard with cryptocurrencies like Monero (XMR). Once that happens, the price could sky rocket. Monero (XMR) currently seems to have bounced off the 200MA on XMR/BTC and will likely continue its bullish momentum. Like most cryptocurrencies, its future hinges on the success of Bitcoin. However, while some cryptocurrency may not have any purpose at all if all coins were to disappear tomorrow, the same cannot be said about Monero (XMR) or its kind. There will always be those who would like to use a currency for privacy protection and that currency as we know it is either Monero (XMR) or a coin like Verge (XVG). Smart money in Monero (XMR) has been keeping it in the top 20 league. The coin has received a lot of criticism for being a gateway to online purchases of drugs on the dark web but despite all that, the coin has continued to do well. The MACD on both charts look favorable for a medium to long term rally. Monero (XMR) also has a loyal community and is a coin that has stayed true to its vision and mission ever since its inception.
The three drivers pattern that Monero (XMR) has been following appears to be an extremely bullish sign that could push the coin to new highs as early as September 2018. Monero would have been one of the safest and most profitable investments if you bought in 2017 and sold in 2018 or better yet held on to your coins for the next few years.