Monero (XMR) is a privacy-focused cryptocurrency designed to provide users with complete anonymity and fungibility. It uses a cryptographic technique called RingCT to hide the details of a financial transaction.
RingCT (Ring Confidential Transaction) enhances transaction privacy by blending a user’s transaction with a pool of other transactions, effectively concealing the identities of the sender, receiver, and transaction amount.
Besides this, fungibility is also a very important property of Monero. Fungibility refers to the ability of identical units of a currency to be exchanged for one another without any distinction or loss of value. All units of a fungible currency have the same value, regardless of their past transactions or owners.
Monero price has experienced selling pressure in recent sessions after the price attempted to break above a round level of $175. The XMR price is down over 8% in the past two weeks. The bulls are trying to hold near the 50-day EMA.
It had a 24-hour trading volume of $104.7 Million with a drop of 5.53% as compared to the last day. The live market cap of Monero is $2.95 Billion and stands at 26th among the top cryptos. The volume-to-market cap ratio is 3.76% indicating low volatility in the market.
Monero Price Prediction November 2023
The trend analysis illustrates that the XMR price persists in an optimistic trend in the long run. However, the sell-off received in the recent sessions has eroded nearly 8% of the total market cap.
Moreover, the XMR daily price chart shows that the price is nearing its 50-day EMA which might be the first zone where bulls may try to take over in the short term. The long-term optimistic support may invite bulls at the lower levels and push the price higher.
The price prediction for November 2023 showcases a neutral to bullish outlook. The price may reach $181.67 by November 2023.
Monero Price Prediction 2023
The optimistic analysts expect that the XMR price may reach $197.48 by 2023, indicating an upside potential of 24.20% from CMP. Moreover, the pessimistic view of analysts expects a drawdown of 8% from the CMP which could drag the price to a low of $154.6.
Monero Price Prediction 2024
The crypto markets seem to be recovering in the recent months which signals an optimistic year ahead. The Monero price may show sharp gains in the year 2024.
The most optimistic view of analysts expects Monero price to reach a high of $309 indicating an upside potential of 87% from the CMP by 2024. The average analyst expects a target of $241.2. However, the pessimistic view of analysts expects the price to reach $192.25.
Monero Price Prediction 2025
By the year 2025, Monero crypto price may reach a maximum of $381.43 as per the most optimistic estimate of analysts. The price may advance to $333.13 according to the average forecast of analysts. The minimum forecasted price by the end of 2025 is $287.
Monero Price Prediction 2026
Till the year 2026, the price may touch a high of $425 if an optimistic trend prevails for the crypto market. On the other hand, the minimum price prediction of analysts expects the price to reach $352.1 by 2026.
Monero Price Prediction 2027
According to our analysts’ price prediction for the year 2027, the most optimistic side of analysts estimates that the price could reach a high of $476. The average analysts’ price target is $424.1 and the minimum price target that the XMR crypto may achieve by 2027 is $389.9.
Monero Price Prediction 2028
Over the next five years, Monero price may rise to a high of $593.76 as per the most optimistic view of analysts. The average price target of analysts by 2028 is $544. Also, the pessimistic view of analysts estimates the price to reach a minimum of $432 by 2028.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Amanda Shinoy is one of the few women in the space invested knee-deep in crypto. An advocate for increasing the presence of women in crypto, she is known for her accurate technical analysis and price prediction of cryptocurrencies. Readers are often waiting for her opinion about the next rally. She is a finance expert with an MBA in finance. Quitting a corporate job at a leading financial institution, she now engages herself full-time into financial education for the general public.
Source: https://www.thecoinrepublic.com/2023/11/18/monero-price-forecast-a-long-term-investment-worth-considering/