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Monero (XMR) has weakened from $171 to $99.34 since February 02, 2024, and the current price stands at $137. This correction can be attributed to a combination of profit-taking, negative news, market saturation, and speculative trading dynamics.

A slowdown in net inflows and decreased trading activity are certainly negative factors for XMR and according to JPMorgan analysts, the cryptocurrency market still remains in “overbought territory. But where is the price of Monero (XMR) going next, and what can we expect from April 2024?

Today, Crypto Lists will discuss Monero (XMR) price estimates from a technical and fundamental analysis perspective. Please note that there are also many other factors to consider when entering a position, such as your time horizon, willingness to risk, and how much margin you have if trading with leverage.

Monero offers privacy for its users

Monero is a cryptocurrency with a focus on anonymity, and it is designed to protect the privacy of the sender (or receiver) of coins. Monero uses cryptographic techniques like ring signatures, confidential transactions, and stealth addresses to obfuscate the sender’s address, receiver’s address, and transaction amounts.

Due to this feature, tracing and linking transactions on the Monero blockchain becomes difficult, thus guaranteeing a considerable degree of privacy for its users. It’s important to highlight that Monero operates on a decentralized blockchain network, removing reliance on a single central authority. Instead, transactions are verified by miners who utilize computational power to secure the network.

Besides its privacy features, Monero operates similarly to other well-known cryptocurrencies, utilizing proof-of-work mining to control XMR issuance and incentivize miners to add blocks to the blockchain. Monero boasts a vibrant and devoted community of users and developers, garnering favor among entities and individuals who prioritize confidentiality and anonymity in their cryptocurrency dealings.

The price of Monero (XMR) is usually tied to the overall cryptocurrency market and like many other cryptocurrencies, XMR lost value after Bitcoin weakened from its record highs. Another negative fact that was attributable to the XMR price decrease is the information from the crypto exchange Binance that announced the delisting of Monero (XMR).

Rating: 9.17/10
Supply: 18,189,279
Release date: April 18, 2014

Description: Discover Monero and be part of the cryptocurrency revolution.

Risk warning: Trading, buying or selling crypto currencies is extremely risky and not for everyone. Do not risk money that you could not afford to loose.

Privacy coins are not popular with regulators

According to Binance, the decision was made based on its latest review process, which is conducted periodically to ensure that the listed assets maintain the high standards expected of them. Some of the factors Binance outlined include evidence of unethical or fraudulent conduct or negligence, level of public communication, and contribution to a healthy and sustainable crypto ecosystem, among others

Monero experienced a similar outcome when the big cryptocurrency exchange OKX delisted its trading pairs, along with other privacy-focused coins such as Zcash and Dash, in January. Privacy coins are cryptocurrencies that retain anonymity by hiding the flow of money across their networks and are not popular with regulators.

Negative information is that Monero often has a security breach targeting their community crowdfunding system wallet. The last bigger attack wiped out the entire balance of 2,675.73 Monero XMRUSD worth nearly $460,000 and in light of these developments, questions arise about the safety of Monero.

The specific technique employed by the attackers to breach the wallet remains unknown, causing widespread concern among users and investors. Because of this Monero conducted an upgrade to the XMR wallet and updated its deposit address on March 13th. This initiative is aimed at enhancing the efficiency and security of the wallet.

In the upcoming weeks, Monero (XMR) is likely to respond more unfavorably to the bearish news compared to other cryptocurrencies. Therefore, investing in XMR should be approached with careful consideration, and assessing one’s risk tolerance are essential step before making any investments in this cryptocurrency.

Technical analysis for Monero (XMR)

After hitting price levels above $170 in February 2024, Monero (XMR) has encountered significant losses. The price has now stabilized above $130, but a break below this level would indicate that XMR could test again the support level at $100. Some analysts say that more investors could sell XMR in the weeks ahead and as long the price of LINK is below $150, the risk of further declines persists.

Technical analysis for Monero (XMR)

Important support & resistance levels for Monero (XMR)

Important support & resistance levels for Monero (XMR)

On this chart (the period from August 2023), I marked important support and resistance levels that can help traders understand where the price could move. The price of Monero (XMR) has stabilized above $130 and if the price jumps above $140, the next target could be resistance at $150. The important support level is $130, and if the price breaks this level, it would be a “SELL” signal, and we have the open way to $100. If the price drops again below $100, which represents an important psychological support level, the next target could be $80.

What speaks for the rise in the Monero (XMR) price

Monero is an open-source cryptocurrency that prioritizes privacy and decentralization. Although it has faced controversy because of its comprehensive privacy features, Monero continues to be a significant component of the cryptocurrency landscape, particularly for individuals who prioritize transactional privacy. The upside potential for Monero (XMR) probably remains limited for the upcoming weeks; still, if the price advances above $140, the next target could be resistance at $150. A move above $150 would be beneficial for the bulls to remain in control of price movement. The overall sentiment on the cryptocurrency market also plays a very important role in XMR’s price trajectory, and if investors regain confidence further, an upside potential could benefit Monero (XMR).

What indicates the downfall of Monero (XMR)

Monero (XMR) is unpredictable and a risky investment, and because of this, investors should continue to be very cautious in the case of this cryptocurrency. The downfall of Monero (XMR) can be influenced by a wide range of factors, including negative news around Monero, market sentiment, regulatory developments, macroeconomic trends, and more. Market conditions can change rapidly, and staying informed and employing risk management strategies are crucial when navigating the cryptocurrency market. The recent decline in Bitcoin’s value had a negative impact on Monero (XMR) and when Bitcoin, as the leading cryptocurrency, experiences a significant decline, it usually leads to overall negative sentiment across the entire market, affecting altcoins like XMR.

What do analysts and experts say?

Many crypto analysts agree that a decision from crypto exchange Binance to delist Monero (XMR) together with the security risks that Monero faces put this crypto in a risky zone. Because of this crypto analysts expect that in the weeks ahead XMR will probably react more “negatively” to the “bearish” news than the other cryptocurrencies. At the same time, privacy coins are cryptocurrencies that retain anonymity by hiding the flow of money across their networks and are not popular with regulators. There has also been a significant drop off in the number of whale transactions for XMR in the last several weeks and when whales reduce their trading activity, it usually indicates that they are losing confidence in the underlying coin’s short-term price prospects. Therefore, investing in XMR should be approached with careful consideration, and assessing one’s risk tolerance are essential step before making any investments in this cryptocurrency.

Disclaimer: Crypto is extremely volatile and not suitable for everyone to invest in. Never speculate with money that you cannot afford to lose. The information on this site is presented for educational purposes only and should not be construed as investment or financial advice.

by Our Certified Author
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