Monero (XMR) Price Pstimate December 2023 – Rise or Fall?

Monero (XMR) has advanced more than 20% since the beginning of October 2023, rising from $145.51 to a high of $175. The current price of XMR stands at $165, and for now, bulls continue to control the price movement. This positive trend is also supported by Bitcoin’s ascent beyond $38,000 and its ambitious aim to reach $40,000 in the upcoming days or even hours.

However, there are also negative rumors around Monero and it is important to mention that the Monero team disclosed a security breach targeting their community crowdfunding system (CCS) wallet on Sept. 1, 2023. In light of these developments, questions arise about the safety of Monero which is one of the reasons why the price of XMR didn’t show gains like some other cryptocurrencies in the last several weeks. But where is the price of Monero (XMR) going next, and what can we expect from December 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.

Tracing and connecting transactions on the Monero blockchain becomes difficult due to this feature, ensuring a significant level of privacy for its users. It’s crucial to note that Monero functions on a decentralized blockchain network, eliminating dependence on a singular central authority. Instead, transactions are authenticated by miners employing computational power to safeguard the network.

Apart from its privacy attributes, Monero operates in a manner akin to other prominent cryptocurrencies, employing proof-of-work mining to regulate XMR issuance and encourage miners to append 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 but it is important to say that XMR didn’t show gains like some other cryptocurrencies in the last several weeks. Monero team disclosed a security breach targeting their community crowdfunding system (CCS) wallet and despite the fact the incident took place on September 01, it was disclosed on GitHub on Nov. 2 by Monero developer Luigi.

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

Description: Discover Monero (XMR) on a top exchange today!

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.

›› Read Monero review›› Buy or Sell XMR here

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Questions arise about the safety of Monero

A recent 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. Monero developer Luigi said:

“The CCS Wallet was drained of 2,675.73 XMR (the entire balance) on September 1, 2023, just before midnight. The hot wallet, used for payments to contributors, is untouched; its balance is ~244 XMR. We have thus far not been able to ascertain the source of the breach.”

The specific technique employed by the attackers to breach the wallet remains unknown, causing widespread concern among users and investors. According to some crypto analysts, the focus on this incident stems not from the substantial amount at stake but from Monero’s emphasis on privacy, as it prides itself on providing transactional anonymity. A preliminary statement from the prominent blockchain security company SlowMist suggests that the issue with Monero’s privacy model itself is improbable. Rather, the vulnerability might reside elsewhere within the system.

In light of these developments, questions arise about the safety of Monero, and in the weeks ahead XMR will probably react more “negatively” to the “bearish” news than the 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)

Monero (XMR) has advanced from $145.21 to $175 since October 01, 2023, and the current price stands at $165. Despite this gain, Monero (XMR) might have a hard time holding above the $160 level in the upcoming days, and a break below this level would indicate that XMR could probably test the price level at $150.

Important support & resistance levels for Monero (XMR)

On this chart (the period from May 2023), I marked important support and resistance levels that can help traders understand where the price could move. Bulls control the price of Monero (XMR) for now and if the price jumps above $180, the next target could be resistance at $190. The important support level is $160, and if the price breaks this level, it would be a “SELL” signal, and we have the open way to $150. If the price drops below $150, which represents an important psychological support level, the next target could be $140.

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

Monero’s team disclosed recently a security breach targeting their community crowdfunding system (CCS) wallet which increased concerns about the safety of Monero among the community and investors. However, if the price of XMR advances above $180, the next target could be resistance at $190. Traders should also consider that the price of Monero (XMR) is correlated with Bitcoin, and if the price of Bitcoin jumps above $40000, we would probably see this cryptocurrency at a higher price level than the current price.

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.

What do analysts and experts say?

Many crypto analysts agree that a recent attack on a community crowdfunding system (CCS) wallet increased concerns about the safety of Monero. 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. 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. At the same time, there is growing optimism in the cryptocurrency community regarding the SEC potentially approving Bitcoin ETF applications and many analysts say that it is looking increasingly likely that a Bitcoin ETF will be approved by early 2024 which should be positive for the price of XMR.

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.