X

Elizabeth from Tucson

Signed up at Spin Buffalo 36 minutes ago.

» Try Spin Buffalo too
Do not show again

Like the rest of the cryptocurrency market, Monero (XMR) has found itself caught in a downward spiral as Bitcoin recently hit a fresh two-month low after a wave of risk aversion swept through world markets.

Monero (XMR) has weakened more than 15% since the beginning of August 2023, falling from $163.56 to a low of $135.81. The current price of XMR stands at $142.53, and the risk of another decline still persists.

But where is the price of Monero (XMR) going next, and what can we expect from the rest of September 2023?

Today, Crypto Lists will discuss 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 has a focus on anonymity

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.

This makes it challenging to trace and link transactions on the Monero blockchain, providing a high degree of privacy for its users. It is important to say that Monero operates on a decentralized blockchain network, meaning that it doesn’t rely on a single central authority, and transactions on the network are verified by miners who use their computational power to secure the network.

Aside from its privacy features, Monero works similarly to other major cryptocurrencies, using proof-of-work mining to control the issuance of XMR and to incentivize miners to add blocks to the blockchain. Monero has an active and passionate community of users and developers, and it has gained popularity among organizations and individuals who prioritize privacy and anonymity in their cryptocurrency transactions.

While its privacy features are attractive to many users, they have also raised concerns among regulators who worry about its potential use for illicit purposes. It’s important to note that while Monero provides strong privacy features, it’s not entirely immune to all forms of analysis, and its use should always comply with relevant laws and regulations in your jurisdiction.

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

Description: Discover Monero and be part of the private 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.


Monero (XMR) price is usually tied to the market

The price of Monero (XMR) is usually tied to the overall cryptocurrency market, which remains under pressure after Bitcoin hit a fresh two-month low after a wave of risk aversion swept through world markets. Cryptocurrency market can be highly volatile, and prices can fluctuate rapidly, and while efforts were being made to stabilize the market, fluctuations are still expected to be a common occurrence.

Investors should continue to take a defensive investment approach in the weeks ahead, while “short” traders should keep Bitcoin on their watchlist while placing a short position toward the area. Benjamin Cowen, an analyst and founder of Into The Cryptoverse, thinks Bitcoin will likely maintain a downside trajectory in September, and when the price of Bitcoin drops, that usually has a negative influence on the price of XMR and on the rest of the cryptucerrency market.

September has a reputation for being a historically weak month for stocks and riskier assets, and the September Effect is a supposed market anomaly whereby investment returns are relatively weak.

There are also expectations of “some market turbulence” from looming recession concerns and macro uncertainty, while many analysts expect that the U.S. central bank could keep interest rates at restrictive levels for a longer period. The effect of the 2022 crypto price crash, U.S. inflation growth, and interest rate hikes haven’t diminished from the market yet.

Technical analysis for Monero (XMR)

Monero (XMR) has weakened from $170.21 to $135.81 since July 19, 2023, and the current price stands at $142.53. Monero (XMR) might have a hard time holding above the $135 level in the upcoming weeks, and a break below this level would indicate that XMR could probably test the price level at $130.

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 March 2023), I marked important support and resistance levels that can help traders understand where the price could move. Monero (XMR) remains under pressure, but if the price jumps above $160, the next target could be resistance at $170.

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 $120. If the price drops below $120, which represents another strong support level, the next target could be an important psychological support level that stands at $100.

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

The upside potential for Monero (XMR) probably remains limited for the weeks ahead; still, if the price advances above $160, the next target could be resistance at $170.

Traders should also consider that the price of Monero (XMR) is correlated with Bitcoin, and if the price of Bitcoin jumps above $28000, we would probably see this cryptocurrency at a higher price level than the current price.

What indicates the downfall of Monero (XMR)

The downfall of Monero (XMR) can be influenced by a wide range of factors, including market sentiment, regulatory developments, technological advancements, macroeconomic trends, and more.

The last several weeks have been negative for XMR, and investors should continue to take a defensive investment approach as the macroeconomic landscape remains uncertain. The strong support level for XMR stands at $130, and if the price falls again below this level, it could reach $100 this time.

What do analysts and experts say?

The cryptocurrency market remains under pressure; Bitcoin’s price hit levels below $26,000 again, and according to analysts, Monero (XMR) might have a hard time holding above the current price levels. September has a reputation for being a historically weak month for stocks and riskier assets, while Benjamin Cowen, an analyst and founder of Into The Cryptoverse, said this week that he thinks Bitcoin will likely maintain a downside trajectory in September.

Investors should continue to take a defensive investment approach in the weeks ahead, and market sentiment, regulatory developments, and macroeconomic trends will continue to have a major influence in determining the price of Monero (XMR).

There are expectations of “some market turbulence” from looming recession concerns, and many analysts expect that the U.S. central bank could keep interest rates at restrictive levels for a longer period, which is not good for risk-on assets such as cryptocurrencies.

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
Monero Newsflash
    Bet with Monero and more on the incredible Spin BetterBet with Monero and more on the incredible Spin Better
    Wednesday, 3 Apr 2024 8:30 am
    Have you been searching long and hard down the longest paths for a really good crypto casino that also doubles up as a world-leading sports betting site? Well let us inform you that your search may well be over! Say hello to a 2023 casino called Spin Better (read review). Although it's not the newest, it's certainly among the coolest we've come across this year. Not only is there a 1500 USDT welcome bonus plus free spins, you can also use coins like Monero and Chainlink alongside the more famous Bitcoins of the world. What's not to love? Sign up today and try a truly remarkable sports betting casino...
    Read the full newsflash


    True anonymous play on Bet Panda IO with Monero too!True anonymous play on Bet Panda IO with Monero too!
    Wednesday, 18 Oct 2023 11:45 am
    Begin some midweek fun in privacy with not only a top anonymous casino site but also one that comes prepared. Say hello to Bet Panda IO  (read more). What do we mean? Well, we're talking about a BTC casino that lets you play with the best privacy coin: Monero (XMR). Now that's really going above and beyond for players looking to gamble behind the watchful eyes of the world. Get a 100% match up to 1 BTC as a welcome bonus too, plus you can deposit and play with slightly more niche coins like SHIB and SAND. Not bad! Sign up now and see where this big fat Panda...
    Read the full newsflash


    Go private with Monero on Betplay's top anonymous casino!Go private with Monero on Betplay's top anonymous casino!
    Wednesday, 30 Aug 2023 8:25 am
    If you're on the hunt for a site that helps you to play even more anonymously then you're in for a treat. Did we tell you about the one and only Betplay IO (review)? It's a top Bitcoin casino site that supports Lightning Network transactions making it super smooth and quick. But if anonymous play is really what you're looking for then you can also deposit and play with Monero (XMR). This privacy-focused coin is a must-have for these kinds of casinos since it helps players to fly under the radar. It works on the Monero blockchain, which is a public ledger with privacy-enhancing technologies Play on Betplay IO now and enjoy private gambling...
    Read the full newsflash


    Monero (XMR) tops the 24hr gains list of privacy coinsMonero (XMR) tops the 24hr gains list of privacy coins
    Thursday, 29 Dec 2022 11:38 am
    Privacy coins are growing in popularity, so too are the networks behind them - as centralized control over finance and communication increases. The Monero blockchain and it's native XMR coin lead the way in the past day...
    Read the full newsflash

New Casino Reviews
New Crypto Casinos
Best Crypto Casinos
Recent Crypto Sites
Recent Crypto Coins
Keep up to date with
 

Our Newsletter

Sign up to our newsletter to get the
latest crypto news, new casinos,
bonus offers and other exciting
exclusives.
* indicates required
CryptoLists.com
Copyright © 2019-2022, by Crypto Lists Ltd (CryptoLists.com). Company name: Crypto Lists Limited. Address: 5 Upper Montagu Street, LONDON W1H 2AG, England.
Jump to top